Bank of America(US:BAC)2025-07-16 10:46Financial Performance - Net interest income for Q2 2025 was $14,670 million, an increase from $14,443 million in Q1 2025, and $14,359 million in Q2 2024, reflecting a year-over-year growth of 2.2%[7] - Noninterest income reached $11,793 million in Q2 2025, compared to $12,923 million in Q1 2025 and $10,988 million in Q2 2024, indicating a decrease of 0.5% year-over-year[8] - Total revenue, net of interest expense, was $26,463 million in Q2 2025, up from $25,347 million in Q2 2024, representing a growth of 4.4%[8] - Net income applicable to common shareholders for Q2 2025 was $6,825 million, compared to $6,990 million in Q1 2025 and $6,399 million in Q2 2024, reflecting a decrease of 1.5% year-over-year[8] - Diluted earnings per common share for Q2 2025 were $1.79, an increase from $1.59 in Q2 2024, marking a growth of 12.6%[7] - Net income for the second quarter of 2025 reached $14,512 million, an increase from $13,571 million in the same period of 2024, representing a growth of 6.9%[9] - Comprehensive income for the second quarter of 2025 was $17,293 million, compared to $13,730 million in the second quarter of 2024, marking an increase of 26.5%[9] Asset and Liability Management - Total assets increased to $3,441,142 million as of June 30, 2025, up from $3,349,424 million in March 2025, representing a growth of 2.7%[11] - Total deposits increased to $2,011,613 million, compared to $1,989,564 million in March 2025, showing a rise of 1.1%[11] - Total liabilities increased to $3,141,543 million from $3,053,843 million in March 2025, reflecting a growth of 2.9%[11] - Total common shareholders' equity increased to $276,104 million as of June 30, 2025, up from $275,082 million in March 2025, indicating a growth of 0.4%[13] Credit Quality and Provisions - Provision for credit losses increased to $1,592 million in Q2 2025 from $1,480 million in Q1 2025, and $1,452 million in Q2 2024, showing a rise of 9.7% year-over-year[8] - Total nonperforming loans, leases, and foreclosed properties amounted to $6,104 million as of June 30, 2025, a decrease of 1.57% from $6,201 million in the previous quarter[33] - The allowance for credit losses as of June 30, 2025, was $14,434 million, with an allowance for loan and lease losses ratio of 1.17%[37] Operational Efficiency - The efficiency ratio improved to 64.93% in Q2 2025 from 65.53% in Q2 2024, indicating better cost management[7] - Noninterest expense for Q2 2025 was $17,183 million, a slight decrease from $17,770 million in Q1 2025, representing a decline of 3.32%[17] - The efficiency ratio improved to 53.48% in 2025 from 53.70% in 2024, suggesting enhanced operational efficiency[20] Market Capitalization and Shareholder Value - The market capitalization of the company was $351,904 million at the end of Q2 2025, up from $309,202 million in Q2 2024, reflecting a growth of 13.8%[7] - Book value per share of common stock increased to $37.13 in the second quarter of 2025, compared to $34.39 in the same quarter of 2024, representing an increase of 8.0%[40] - Shareholders' equity as of June 30, 2025, was $299,599 million, compared to $293,892 million in 2024, reflecting an increase of 1.2%[40] Workforce and Operational Changes - The number of financial centers in the U.S. decreased to 3,664 in Q2 2025 from 3,786 in Q2 2024, indicating a strategic consolidation[7] - The headcount increased to 213,388 in Q2 2025 from 212,318 in Q2 2024, showing a slight growth in workforce[7] Loan and Lease Growth - Total loans and leases at the end of Q2 2025 reached $1,147,056 million, up from $1,110,625 million at the end of Q1 2025, marking an increase of 3.28%[17] - Total loans and leases increased to $1,128,453 million in Q2 2025, up from $1,093,738 million in Q1 2025, representing a growth of 3.2%[31] Digital Banking and Customer Engagement - Active digital banking users reached 48,998 thousand, an increase from 47,304 thousand in 2024, reflecting a growth of about 3.6%[21] - New accounts opened in the second quarter of 2025 totaled 834 thousand, down from 913 thousand in the first quarter, reflecting a decrease of about 8.6%[21]