Bank of America (BAC): Q2 EPS of $0.32 beats by $0.06. Revenue of $22.9B beats by
$0.29B
More on Bank of America (BAC) Q2 earnings: Net interest income of $10.8B up 10.1% Y/Y as NIM rises 23 bps to 2.44% - this is an outlier and at least some of the gain is from lower premium amortization and "hedge ineffectiveness." Noninterest income of $12.2B down 1.9% Y/Y. Provision for credit loss of $1.2B down from $1.8B a year ago. Noninterest expense of $16B off $1B Y/Y thanks to lower litigation costs. Total income of $4B vs. $2.5B a year ago. Noninterest expense (excluding litigation) is expected to fall below $2B/quarter by year-end (vs. $2.1B guidance previously). 60+ day delinquent mortgages expected to fall below 375K by year-end (vs. 400K guidance previously). CC at 8:30 ET. Shares +0.6% premarket
PNC (PNC): Q2 EPS of $1.99 beats by $0.37. Revenue of $4.06B (+12% Y/Y) beats by $0.11B
More on PNC Financial (PNC) Q2 earnings: Net income of $1.1B about doubles last year's result. Net interest income of $2.3B off 11% Y/Y, with NIM of 3.58% down 50 bps from a year ago. Noninterest income of $1.8B up 65% Y/Y, led by growth in Asset Management and Corporate Service Fees (think higher rates on commercial MSRs). Basel III Tier 1 capital ratio of 8.2%. Book value/share of $68.46. CC at 10 ET. Shares +1.3% premarket
More Stocks News More on Bank of America (BAC) Q2 earnings: Net interest income of $10.8B up 10.1% Y/Y as NIM rises 23 bps to 2.44% - this is an outlier and at least some of the gain is from lower premium amortization and "hedge ineffectiveness." Noninterest income of $12.2B down 1.9% Y/Y. Provision for credit loss of $1.2B down from $1.8B a year ago. Noninterest expense of $16B off $1B Y/Y thanks to lower litigation costs. Total income of $4B vs. $2.5B a year ago. Noninterest expense (excluding litigation) is expected to fall below $2B/quarter by year-end (vs. $2.1B guidance previously). 60+ day delinquent mortgages expected to fall below 375K by year-end (vs. 400K guidance previously). CC at 8:30 ET. Shares +0.6% premarket
PNC (PNC): Q2 EPS of $1.99 beats by $0.37. Revenue of $4.06B (+12% Y/Y) beats by $0.11B
More on PNC Financial (PNC) Q2 earnings: Net income of $1.1B about doubles last year's result. Net interest income of $2.3B off 11% Y/Y, with NIM of 3.58% down 50 bps from a year ago. Noninterest income of $1.8B up 65% Y/Y, led by growth in Asset Management and Corporate Service Fees (think higher rates on commercial MSRs). Basel III Tier 1 capital ratio of 8.2%. Book value/share of $68.46. CC at 10 ET. Shares +1.3% premarket
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