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Wednesday, Jul 17
More on Bank of America (BAC) Q2 earnings: Net interest income of $10.8B up 10.1% Y/Y as NIM...
More on Bank of America (BAC) Q2 earnings: Net interest income of $10.8B up 10.1% Y/Y as NIM rises 23 bps to 2.44% - this is an outlier and at least some of the gain is from lower premium amortization and "hedge ineffectiveness." Noninterest income of $12.2B down 1.9% Y/Y. Provision for credit loss of $1.2B down from $1.8B a year ago. Noninterest expense of $16B off $1B Y/Y thanks to lower litigation costs. Total income of $4B vs. $2.5B a year ago. Noninterest expense (excluding litigation) in LAS is expected to fall below $2B/quarter by year-end (vs. $2.1B guidance previously). 60+ day delinquent mortgages expected to fall below 375K by year-end (vs. 400K guidance previously). CC at 8:30 ET. Shares +0.6% premarket. (PR)