Bank of America Second Quarter Earnings Per Share Rose 8%

Bank of America Corporation today reported second quarter net income rose 5 percent to $5.76 billion from $5.48 billion a year earlier. Diluted earnings per share increased 8 percent to $1.28 from $1.19. Return on average common shareholders' equity was 17.55 percent.

All three business segments recorded revenue increases. Results were mainly driven by continued healthy capital markets activity as well as good consumer noninterest income growth.

"Bank of America, with its diverse business model, was able to continue attractive earnings growth despite challenging headwinds," said Chairman and Chief Executive Officer Kenneth D. Lewis. "Our businesses are doing a good job of attracting new customers and expanding our relationships with existing clients. Our investments in a number of businesses such as capital markets, mortgage and services for the affluent, in addition to the equity investment gains produced in the current environment, are generating results that more than offset spread compression impacting virtually all of our businesses and the trend toward more normalized credit costs." - BANK OF AMERICA - PR Newswire