Bank of America reports Q2 NII up 9% to $11B
Net interest income increased 9% to $11.0 billion, reflecting benefits from higher interest rates, as well as loan growth. Noninterest income increased 6% to $11.8 billion, driven primarily by the sale of the nonU.S. consumer credit card business and higher investment banking fees, partially offset by lower gains from the sale of debt securities and lower equity investment income. Provision for credit losses improved 26% to $726 million from $976 million. Net charge-offs declined 8% to $908 million from $985 million; the net charge-off ratio declined to 0.40% from 0.44%. Noninterest expense rose 2% to $13.7 billion. Efficiency ratio improved to 60%. Average loan balances in business segments rose $39 billion, or 5%, to $827 billion. eturn on average assets of 0.93%; return on average common equity of 8.0%; return on average tangible common equity of 11.2%. Book value per share rose 5% to $24.88; tangible book value per share. rose 6% to $17.78. Reports global banking revenue of $5B, global markets sales and trading revenue of $3.2B; excluding net DVA, sales and trading revenue down 9% vs. strong 2Q16.