The consumer banking arm of Bank of America has reported net income of $1.72bn for the second quarter of 2016, an increase of 3.3% from $1.66bn a year ago.
For the quarter ended 30 June 2016, the unit’s total revenue was $7.86bn, up 1.3% compared with $7.75bn in the corresponding quarter of 2015.
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Net interest income increased 4.6% to $5.27bn from $5.04bn a in the prior year, while non-interest expense dropped 4.7% to $4.41bn from $4.63bn a year ago.
The unit's provision for credit losses surged 54.4% year-on-year to $726m from $470m.
Overall, the banking group posted attributable net income of $3.87bn for the second quarter of 2016, a slump of 19.4% from $4.80bn in the year-ago quarter. Revenue dipped 7% to $20.39bn from $21.95bn in the prior year.
Bank of America CEO Brian Moynihan said: “We had another solid quarter in a challenging environment. Our responsible growth strategy led to improved customer and client activity, and each of our four business segments reported higher earnings than the year-ago quarter.
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By GlobalData“We also moved closer to our longer-term performance targets. We continued to invest in core growth areas and to manage expenses, which were down 3 percent year over year to a level not seen since 2008.”
