"We are in a good position to serve our clients, deliver for our shareholders, and support a growing economy," says co
Result drivers
Higher net interest income - Co said Q2 revenue growth was driven by increased net interest income
Strong asset management & investment fees - Co said asset management and investment banking fees contributed to revenue growth
Improved efficiency - Co said efficiency ratio improved to 59%, reflecting disciplined expense management
Higher trading revenue: Sales and trading revenue of $7.1 billion, incl. net debit valuation adjustment (DVA) losses of $57 million, jumps 33% incl. and excl. net DVA
Quarterly results
U.S. banking giant's Q2 net income rose 27% yr/yr, EPS up 34% yr/yr
Q2 revenue climbed 15% yr/yr to $31.6 bln, driven by higher net interest income
Company returned $8 bln to shareholders via dividends and share repurchases
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 20 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Bank of America Corp is $65.00, about 9.2% above its July 13 closing price of $59.50
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