Bank of America Posts $6.2 Billion Net Income in Q2 2022
Bank of America, one of the world's leading financial institutions, has posted its financial results for the second quarter of 2022, indicating a drop in net income on a quarterly basis.
More specifically, the bank reported a net income of $6.2 billion, compared to Q1's $7.1 billion. Diluted earnings per share came in at $0.73, compared to $0.80 in the last quarter. Net interest income increased by 22% YoY to $12.4 billion, and average loan balances up 12% YoY to $1.0 trillion.
The bank highlighted that total revenue, net of interest expense stood at $22.7 billion. This number for Q1 2022 and Q2 2021 was $23.2 billion and $21.5 billion. Moreover, provision for credit losses reached $523 million, and average loan and lease balances up $107 billion, or 12%, to $1.0 trillion.
In terms of the Consumer Banking department, the net income was $2.9 billion. Client balances up 4% on a YoY basis.
As for Global Wealth and Investment Management division, the net income hit $1.2 billion. And client balances recorded $3.4 trillion, increased by 20% compared to Q2 2021.
Regarding Global Banking branch, the net income was $1.5 billion. Additionally, Global Markets department registered a net income of $1.0 billion.
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