Bank of America reports profit beat, revenue miss

By EarningsFOXBusiness

Dick Bove on bank earnings

Rafferty Capital Markets chief financial strategist Dick Bove discusses bank earnings.

Bank of America reported 2Q income of $7.3 billion. That comes to per share profit of $0.74 on revenue of $23.1 billion.  Analysts expected profit per share of $0.71 on revenue of $23.23 billion.

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The bank earned a profit of $0.64 per share during the same period a year ago on revenue of  $22.76 billion.

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"Our view of the economy reflects the activity by the one-in-two American households we serve, which points to a steadily growing economy," said Chairman and CEO Brian Moynihan. "We see solid consumer activity across the board, with spending by Bank of America consumers up five percent this quarter over the second quarter of last year."

Bank of America plans to return $37 billion to shareholders through dividends and buybacks in the next 12 months.

Net income from consumer banking rose 13 percent to $3.3 billion while loand increased 6 percent to $296 billion.

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In this year’s first-quarter, earnings per share came in at $0.70 on revenue of $23 billion.