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Bank of America reports 33% net income gain

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While revenue dipped slightly, Charlotte, North Carolina-based Bank of America Corp. (NYSE: BAC) reported a better second-quarter bottom line.

The operator of five Bank of America branches in Springfield reported net income of $6.8 billion, a 33 percent increase over $5.1 billion a year earlier. Diluted share earnings rose to 63 cents from 44 cents, according to a news release.

Bank of America Chairman and CEO Brian Moynihan cited U.S. tax reform changes for the company’s “responsible growth.”

“We grew consumer and commercial loans; we grew deposits; we grew assets within our Merrill Edge business; we generated more net new households in Merrill Lynch; and we supported more institutional client activity — all of this while we continued to invest in our businesses and began an additional $500 million technology investment,” he said in the release.

Second-quarter financial notes:
    •    Revenue dipped by 0.9 percent to $22.6 billion.
    •    Provision for credit losses rose 14 percent to $827 million.
    •    The company ended the quarter with 4,411 branches, down from 4,542 in second-quarter 2017. ATMs, however, moved up to 16,050 from 15,972.

As of June 30, the company’s assets totaled $2.3 trillion and deposits were $1.3 trillion, according to the release.

BAC shares were trading at $29.17 as of 10:20 a.m., compared with a 52-week range of $22.75 to $33.05.


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