Bank of America improves earnings to nearly $5B

Charlotte, North Carolina-based Bank of America Corp. (NYSE: BAC) reported second-quarter net income available to common shareholders of $4.9 billion, an 11 percent increase from $4.4 billion a year earlier.

Earnings per diluted share came to 46 cents, a 5-cent uptick compared with second-quarter 2016, according to a news release.

"Against modest economic growth of 2 percent, we had one of the strongest quarters in our history,” Bank of America CEO Brian Moynihan said in the release. “All of our businesses delivered strong results, with several setting new records.”

Second-quarter financial notes:

•Revenue, net of interest expense, grew 7.2 percent to $22.8 billion.

•Provision for credit losses improved 26 percent to $726 million.

•The company’s global wealth and investment management segment posted record net income of $804 million, and its global banking sector reported record revenue of $5 billion.

As of June 30, the operator of five Bank of America branches in Springfield held assets of $2.2 trillion and deposits of $1.3 trillion, according to the release.

BAC shares were trading at $23.69 as of 11:28 a.m., compared with a 52-week range of $13.82 to $25.80.