The consumer banking unit of Bank of America (BofA) has posted a net income of $2.03bn for the second quarter of 2017, a surge of 21% over $1.67bn a year ago.
For the quarter ended 30 June 2017, the division’s total revenue was $8.51bn, up 9% compared to $7.79bn in the corresponding quarter of 2016.
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Provision for credit losses during the quarter increased 15% to $834m, while non-interest expense dipped 0.2% year-on-year to $4.41bn.
Overall, the banking group reported a net income of $4.91bn for the second quarter of 2017, a rise of 11% from $4.42bn in the same quarter a year ago. The group’s total revenue rose 7% to $22.83bn from $21.28bn last year.
BofA CEO Brian Moynihan said: “Against modest economic growth of 2 percent, we had one of the strongest quarters in our history. All of our businesses delivered strong results, with several setting new records. The investments we made to transform how we serve clients produced 500 basis points of operating leverage in the quarter.
“We achieved our 60 percent efficiency ratio target, and we continued to manage credit risk carefully in line with responsible growth.”
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