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Bank of America: Q2 2022 Earnings Update

Industry: Financial Services
Current: Company Performance

Bank of America reported an increase in revenue by 6% in Q2 2022 on an annual basis
Bank of America reported a Diluted EPS of $0.73, down 29.1% YoY
Higher interest rate contributed to a 22% increase in net interest income

On July 18, 2022, Bank of America reported Q2 revenue of $22.7 billion (an increase of 6% year-over-year) on diluted earnings per common share (Diluted EPS) of $0.73.

Summary: Bank of America’s Q2 2022 revenue increased by 6% compared to the same period in 2021. The bank’s average loans & lease balances and average deposits were $1 trillion and $2 trillion, respectively. The bank had a Common Equity Tier 1 (CET1) ratio of 10.5% and remained above the regulatory minimum of 9.1%. The bank had a $523 million provision for credit losses in the quarter, up $2.1 billion from the previous year given a net reserve release of $48 million vs a $2.2 billion release in Q2 2021.

Bank of America had four reportable operating segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, and Global Markets.

Consumer Banking: Total revenue up 11.6% YoY, due to increased net interest income (NII) driven by higher balances and higher interest rates. Average loans & leases for the business increased by 2.8% vs. 2021, while deposits increased by 10.1% vs. 2021.
Global Wealth and Investment Management: Total revenue up 7.3% YoY, due to increased NII driven by higher balances and higher interest rates. Average loans & leases for the business increased by 13% vs 2021, while deposits increased by 9.1% vs 2021.
Global Banking: Total revenue down 1.7% YoY owing to lower investment banking fees. Average loans & leases for the business increased by 16% vs 2021, while deposits increased by 0.5% vs 2021.
Global Markets: Total revenue down 4.6% YoY owing to lower investment banking fees. Average loans & leases for the business increased by 30% vs 2021.

Guidance: No guidance is provided for Q3 2022 and full-year 2022.

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