Net income of $2.3B or $0.19 per share includes pretax litigation expense of $4B, or $0.22 per share after tax.
Net interest income of $10.226B falls 5% Y/Y, with NIM off 2 basis points to 2.26%.
Noninterest income of $11.734B falls 4%. Consumer and Business banking net income of $1.788B rises 29% from a year ago, with mobile banking customers of 15.5M up 17%. Consumer Real Estate Services net loss of $2.8B compares to net loss of $930M a year ago, with 1st-mortgage originations off 59%. Global Wealth and Investment Management net income of $724M falls from $759M. Global Banking net income of $1.353B vs. $1.3B a year ago. Global Markets net income of $1.1B gains 14%, with FICC revenue of $2.4B up 5% Y/Y.
Noninterest expense of $18.5B rises from $16B thanks to litigation expenses. Excluding that, noninterest expense of $14.6B declined 6% as the bank continues to cut staff, particularly in LAS (legacy mortgage servicing).
Tangible book value per share of $14.24 up from $13.81 at end of Q1.
Shares flat premarket
Previously: Bank of America beats by $0.12, beats on revenue