Bank of America reported Q3 2016 net income of $5.0 Billion, EPS of $0.41. Revenue Increased 3% to $21.6 billion. Non-interest expense declined 3%.
Bank of America Q3 2016 Financial Highlights:
– Revenue, net of interest expense, increased 3% to $21.6 billion from $21.0 billion
– Net interest income (NII) increased 3% to $10.2 billion from $9.9 billion (GAAP basis)(A)
– Noninterest income increased 3% to $11.4 billion from $11.1 billion
– Provision for credit losses of $850 million, compared to $806 million; net charge-offs declined to $888 million from $932 million
– Noninterest expense declined 3%, or $458 million, to $13.5 billion
– Pretax earnings up 17% to $7.3 billion
– Net income increased 7% to $5.0 billion and EPS increased 8% to $0.41, compared to $4.6 billion and $0.38, respectively
– Loan balances up $23 billion, or 3%, to $905 billion
– Deposit balances up $71 billion, or 6%, to $1.23 trillion
“Strong client activity and good expense discipline combined to drive positive operating leverage as we continue to optimize and strengthen our balance sheet. With near-record levels of capital and liquidity, as well as robust underwriting standards, Bank of America is stronger, safer and better prepared to deliver for customers and clients than probably at any time in our history. We remain focused on delivering long-term value to shareholders. This quarter, we increased tangible book value per share by 11% while returning nearly $2.2 billion in capital to common shareholders” said Paul M. Donofrio, Bank of America Chief Financial Officer.