• Net income increased 13% to $5.6 billion, and diluted EPS increased 17% to $0.48

– YTD net income increased 19% to $15.7 billion

• Revenue, net of interest expense, increased 1% to $21.8 billion from $21.6 billion

– Net interest income (NII) increased $960 million, or 9%, to $11.2 billion, reflecting benefits from higher interest rates, as well as loan and deposit growth

– Noninterest income decreased $756 million, or 7%, to $10.7 billion, driven primarily by lower mortgage banking income and lower sales and trading revenue, partially offset by higher asset management fees

• Credit quality remained strong. Provision for credit losses decreased 2% to $834 million from $850 million. Net charge-offs increased 1% to $900 million from $888 million; the net chargeoff ratio declined to 0.39% from 0.40%

• Noninterest expense declined $342 million, or 3%, to $13.1 billion with reductions in both personnel and non-personnel expenses

– Efficiency ratio improved to 60% from 62%

• Average loan balances in business segments rose $46 billion, or 6%, to $842 billion

• Total average deposit balances increased $45 billion, or 4%, to $1.27 trillion

• Return on average assets of 0.98%; return on average common equity of 8.1%; return on average tangible common equity of 11.3%(B)

• Book value per share declined 1% to $23.92; tangible book value per share rose 1% to $17.23. Book value and tangible book value per share include an increase in common shares outstanding associated with the conversion of preferred shares held by Berkshire Hathaway into common stock

• Repurchased $7.9 billion in common stock and paid $2.8 billion in common dividends YTD

 

"Our focus on responsible growth and improving the way we serve customers and clients produced another quarter of strong results. Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading. We delivered positive operating leverage year over year for the 11th consecutive quarter while continuing to invest in improved capabilities. Digital activity with customers continues to shape the way we provide products and services to customers, with the most recent example being Zelle, our new person-to-person payment capability.”

— Brian Moynihan, Chief Executive Officer.