(Bloomberg) – When Bank of America Corp. has more than doubled in the second quarter of profit. Have contributed substantially lower legal costs.
Net income increased by $ 2.29 billion or $ 0.19 per share on 5.32 billion dollars or $ 0.45 per share, as the second-largest US bank said in North Carolina by total assets on Wednesday from Charlotte. In a survey by Bloomberg 30 analysts had expected $ 0.36 per share profit, adjusted for one-time special effects.
Bank chief Brian Moynihan, 55, had in May expressed his “greatest accomplishment” was streamlining the mortgage mess was. A year earlier, the Bank had recorded legal costs in the amount of 4 billion dollars, this year’s result helped. Analysts, including Jason Goldberg at Barclays Plc in New York, now wait in the face of stagnating yields on cost-cutting measures.
Total income rose by 1.8 percent and surpassed with $ 22.3 billion average analyst expectations of 21.4 billion. Total expenses declined, according to the Bank without legal costs by six percent and with legal expenses by 25 percent to 13.8 billion. The legal costs fell to 175 million dollars back.
The net interest margin improved from 2.17 percent in the previous quarter to 2.37 percent. Provision for credit losses increased from 765 million dollars in the previous quarter to 780 million dollars.
Moynihan had said in May, the bank had the costs trade area, which is headed by Thomas Monday, further reduce until improve yields. In this division, Global Markets, revenues decreased in the second quarter by 8.2 percent to 4.16 billion US dollars. In fixed income the income decreased by 9.3 percent to $ 2.15 billion, and in the range shares the revenue increased by 13 percent to 1.18 billion US dollars. Commercially the income your hard core capital ratio CET1 fell by 9.9 percent to 993 million dollars.
on the basis of full implementation of Basel III gave the Bank at the end of the second quarter with 10.3 percent, unchanged from the previous quarter.
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