Bank of America Corp. (BAC) announced on Monday a reduction in net income applicable to common shareholders for the second quarter, from $7.10 billion the previous year to $6.58 billion. Consequently, earnings per share decreased from $0.88 to $0.83 compared to the same period last year.
Analysts surveyed by Thomson Reuters had anticipated earnings of $0.80 per share for the quarter, excluding special items.
The provision for credit losses rose to $1.51 billion, significantly up from $1.13 million the previous year.
Total revenue, net of interest expense, saw a slight increase of 1 percent, reaching $25.38 billion, compared to $25.20 billion in the same quarter last year. Wall Street had projected revenues of $25.22 billion for this period.
Net interest income declined by 3 percent to $13.70 billion, while non-interest income saw a 6 percent improvement, reaching $11.68 billion.
Noninterest expenses also experienced a rise, increasing by 2 percent to $16.3 billion from the previous year.
