Bank of America Q2 net income is up 33% to $6.8bn and its first half net income of $13.7bn is a record.

Bank of America Q2 consumer banking highlights include:

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  • net income increased $852m or 42%, to $2.9bn, driven by solid operating leverage of 9%;
  • Revenue up 8% to $9.2bn;
  • Combined credit/debit card spending up 8%;
  • Loans up 7% to $281bn;
  • Deposits up 5% to $688bn;
  • An improvement of 4 percentage points in its cost-income ratio, down from 52% to 48%
  • Merrill Edge brokerage assets up 20%.

Brian Moynihan, Bank of America Chairman and CEO said: “Solid operating leverage and client activity drove earnings higher this quarter. Responsible growth continued to deliver as a driver for every area of the company.

“We grew consumer and commercial loans; we grew deposits; we grew assets within our Merrill Edge business; we generated more net new households in Merrill Lynch; and we supported more institutional client activity — all of this while we continued to invest in our businesses and began an additional $500 million technology investment, which we intend to spend over the next several quarters, due to the benefits we received from tax reform.

“Even while making investments in people, technology, new markets and real estate, we managed to lower expenses again this period.”

Bank of America Q2 digital highlights

Digital usage continued to grow with  deposit transactions processed on mobile devices exceeding transactions in branches for the first time.

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Bank of America’s active mobile banking users increased by 11% year-on-year to 25.3 million. Digital sales grew to 24% of all Consumer Banking sales.

Bank of America customers logged into bank’s app 1.4 billion times while 35 million P2P payments were made via its Zelle service, more than double the year-ago quarter; Zelle users doubled to 4 million during the past year .