Bank of America reports Q2 EPS 89c, consensus 87c

Reports Q2 revenue $26.5B, consensus $26.77B. Reports Q2 tangible book value per share $27.71. Reports Q2 CET1 capital ratio 11.5%. Reports Q2 net charge-offs 0.55%. Chair and CEO Brian Moynihan said, “We delivered another solid quarter, with earnings per share up seven percent from last year. Net interest income grew for the fourth straight quarter, reflecting eight consecutive quarters of deposit growth and seven percent year-over-year loan growth. Consumers remained resilient, with healthy spending and asset quality, and commercial borrower utilization rates rose. In addition, we saw good momentum in our markets businesses. So far this year, we have supplied more capital to our businesses and returned 40 percent more capital to shareholders in the first half of this year than last year.”