Bank of America has reported a net income of $3.12bn, or $0.27 per diluted share, for second quarter ended June 30, 2010, compared to $3.22bn, or $0.33 per diluted share, a year ago.
Total revenues for the second quarter of 2010 declined to $29.15bn from $32.77bn in the corresponding quarter of 2009.
For the second quarter of 2010, the bank’s net interest income increased to $12.9bn from $11.63bn in the parallel quarter of 2009.
For the first six months of 2010, the company has posted a net income of $6.31bn, or $0.55 per diluted share, compared to $7.47bn, or $0.75 per diluted share, for the same period of 2009. For the first half of 2010, the bank posted total revenues of $61.12bn, compared to $68.53bn in the corresponding half of 2009.
Net interest income for the period ended June 30, 2010, increased to $26.65bn from $24.13bn posted for the same period of 2009.
Brian Moynihan, CEO and president of Bank of America, said: “Our quarterly results show that we are making progress on our strategy to align around our three core customer groups – consumers, businesses, and institutional investors – and create the financial institution that customers tell us they want, built on a broad relationship of clarity, transparency, and helping them manage through challenging times.
“We improved our capital foundation through retained earnings, and credit quality improved even faster than expected. We have the most complete financial franchise in the world, and we are focused on executing our strategy and delivering outstanding long-term value to our customers and shareholders.”