2024-07-16 13:00:10 ET
Bank of America Corporation (BAC)
Q2 2024 Earnings Conference Call
July 16, 2024 8:30 AM ET
Company Participants
Lee McEntire - Investor Relations
Brian Moynihan - Chief Executive Officer
Alastair Borthwick - Chief Financial Officer
Conference Call Participants
Glenn Schorr - Evercore
Jim Mitchell - Seaport Global
Mike Mayo - Wells Fargo Securities
Steven Chubak - Wolfe Research
Betsy Graseck - Morgan Stanley
Erika Najarian - UBS
Ken Usdin - Jefferies
Gerard Cassidy - RBC
Vivek Juneja - JPMorgan
Matt O'Connor - Deutsche Bank
Presentation
Operator
Good day, everyone, and welcome to the Bank of America Earnings Announcement. At this time all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note this call may be recorded. [Operator Instructions]
It is now my pleasure to turn the conference over to Lee McEntire of Bank of America.
Lee McEntire
Good morning. Welcome. Thank you for joining the call to review our second quarter results. Our earnings release documents are available on the Investor Relations section of the bankofamerica.com website and they include the earnings presentation that we will make reference to during the call. I hope everyone has had a chance to review those documents. Our CEO, Brian Moynihan, will make some opening comments before Alastair Borthwick, our CFO, discusses the details of the quarter.
Let me just remind you that we may make forward-looking statements and refer to non-GAAP financial measures during the call. Forward-looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties. Factors that may cause our actual results to materially differ from expectations are detailed in our earnings materials and SEC filings available on our website. Information about non-GAAP financial measures, including reconciliations to U.S. GAAP, can also be found in our earnings materials that are available on our website.
So with that, let me turn the call over to Brian. Thank you.
Brian Moynihan
Thank you, Lee, and good morning and thank all of you for joining us today. Before I begin today, I just want to reflect a second on the horrible events this weekend. We at Bank of America are clear that there's no place for political violence in our great country, and we continue to wish the former President Trump a speedy recovery. And our thoughts, of course, go out to the victims and their families and others impacted by this terrible event.
With that, let's turn attention to the results for the second quarter of 2024 at Bank of America Corporation. This quarter, we achieved success in a number of areas, underscoring the benefits of our diversity and the dedication of our team to deliver responsible growth. Our organic growth engine continues to add customers and activity to all our businesses, even as we see the drop in net interest income this quarter.
I'm starting on slide two. Our net income for the quarter was $6.9 billion after tax or $0.83 in diluted EPS. Attesting to the balance in our franchise, the earnings were split evenly, half in our consumer and GWIM businesses, which serve people, and the other half in our institutional-focused business global banking and markets. We grew revenue from the second quarter of 2023 as improvement in non-interest income overcame the decline in net interest income. Fees grew 6% year-over-year and represented 46% of total revenue in the quarter....
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Bank of America Corporation (BAC) Q2 2024 Earnings Call Transcript