Summary
Bank of America Corporation (BAC) reported strong financial results for the third quarter of 2018, demonstrating robust growth and improved profitability. Net income increased significantly year-over-year, driven by higher net interest income, lower provision for credit losses, and reduced noninterest expense, benefiting from the Tax Cuts and Jobs Act. Total assets grew to $2.3 trillion, supported by deposit growth and liquidity management actions. The company actively returned capital to shareholders through $5.0 billion in common stock repurchases and a $0.15 per share common stock dividend. The diversified business segments, including Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets, all contributed positively to the overall financial performance. The company's capital position remains strong, with Common Equity Tier 1 ratios well above regulatory minimums, indicating a solid foundation for future growth and resilience.
Financial Highlights
35 data points| Revenue | $22.72B |
| Interest Expense | $4.90B |
| Net Income | $7.17B |
| EPS (Basic) | $0.67 |
| EPS (Diluted) | $0.66 |
| Shares Outstanding (Basic) | 10.03B |
| Shares Outstanding (Diluted) | 10.17B |
Key Highlights
- 1Net income for the three months ended September 30, 2018, was $7.2 billion, an increase from $5.4 billion in the prior year's quarter.
- 2Diluted earnings per share were $0.66, up from $0.46 in the prior year's quarter.
- 3Net interest income increased by $709 million to $11.9 billion for the three months ended September 30, 2018.
- 4Noninterest expense decreased by $327 million to $13.1 billion for the three months ended September 30, 2018.
- 5The provision for credit losses decreased by $118 million to $716 million for the three months ended September 30, 2018.
- 6Common stock repurchases totaled $5.0 billion during the third quarter of 2018.
- 7Return on average tangible common shareholders' equity improved to 15.48% from 10.98% in the prior year's quarter.