Bank of America reported a strong quarter with a net income of $6.9 billion, or $0.83 per diluted share. Revenue increased slightly to $25.4 billion, driven by higher asset management and investment banking fees, as well as sales and trading revenue. The company returned $5.4 billion to shareholders through dividends and share repurchases.
Net income was $6.9 billion, or $0.83 per diluted share, compared to $7.4 billion, or $0.88 per diluted share in 2Q23.
Revenue, net of interest expense, was $25.4 billion, up 1% year-over-year.
Sales and trading revenue increased 9% to $4.7 billion.
CET1 ratio was 11.9%, 122 bps above the new regulatory minimum.
The earnings report does not contain specific forward guidance.
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