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Bank of America Q2 net income falls

Financial newsBank of America has reported that its net revenue for the quarter rose to $20.32 billion, which was driven by an expanded net interest yield, loan growth and higher income from service charges, mortgage banking and investment and brokerage services.

These results also reflect the addition of LaSalle Bank. Net interest income on a fully taxable-equivalent basis rose 25 percent to $10.94 billion from $8.78 billion in the second quarter of 2007 driven by improved margins in the current rate environment combined with loan growth and the acquisition of LaSalle. The net interest yield improved 33 basis points to 2.92%.

Kenneth Lewis, chairman and CEO of Bank of America, said: "We are pleased with these solid results in a difficult financial environment. Outside of real estate-related products, our operating results were quite good virtually across all business segments. This performance demonstrates not only the advantages of our company's diversity and scale, but also the ability of our associates to differentiate Bank of America in the eyes of customers and clients."

Fitch Ratings downgraded Bank of America this month to A+ from AA, citing increased losses from credit-card and home-equity lending. The company may lose $4.5 billion from Countrywide's $27 billion of option adjustable-rate mortgages.

Source: Banking Business
Date: 24.07.2008 [178]

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