Bank of America registers profit with an increase of 10%
The US institution presented the results of the second quarter of the year, which generated profits of 7,109 million dollars
Bank of America recorded a net attributable net profit of 7,109 million dollars in the second quarter of the year, which represents an increase of 10% compared to the same period of 2018, according to the entity. They plan to distribute 37,000 million dollars among its shareholders during the next twelve months through dividends and repurchases of own shares.
The turnover of the largest US bank by volume of deposits reached 23,084 million dollars between April and June, 2.4% more than in the same period of the previous year, with a 3% increase in interest income, up to 12,189 million dollars and 2.5% for other concepts, up to 10,895 million dollars.
At the end of the second quarter, the volume of assets of the entity increased by 3.3% per year, to 2.39 billion dollars, while deposits grew by 5.4%, to 1.37 billion dollars.
Thus, in the first six months of the year Bank of America obtained an attributable net profit of 13,978 million dollars, 7.9% more than in the first half of 2018, while its revenues increased by 1%, to 46,088 millions of dollars.
“Our commitment to responsible growth resulted in the best quarter and semester of earnings in the history of our entity,” said Bank of America President and CEO Brian Moynihan, highlighting the increase in the entity’s market share on investment banking sector after the repositioning of the firm.
On the other hand, the financial director of the entity, Paul M. Donofrio, pointed out that diluted earnings per share increased 17% in the quarter, adding that “in the next twelve months the bank plans to return 37,000 million dollars to its shareholders through ordinary dividends and share repurchases.”
K. Tovar
Source: Eleconomista
