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BofA sees YOY dip in Q2 net income, net interest yield

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BofA sees YOY dip in Q2 net income, net interest yield

on July 18reported second-quarter net income applicable to common shareholders of $3.87billion, or 36 cents per share, compared to $4.80 billion, or 43cents per share, in the year-ago period.

BofA'ssecond-quarter results included after-tax negative impacts of 5 cents per sharefor market-related net interest income adjustments and 1 cent per share for netdebit valuation adjustments. The S&P Capital IQ consensusnormalized EPS estimate for the recent quarter was 33 cents.

Thecompany's consumer banking segment saw net income of $1.72 billion in thesecond quarter, compared to $1.66 billion for the same period in 2015. In theglobal wealth and investment management segment, second-quarter net incomeamounted to $722 million, compared to $669 million in the year-ago period.Global banking's net income was $1.49 billion for the three months ended June30, compared to $1.24 billion for the same period in 2015. And for global markets,second-quarter net income was $1.12 billion, compared to $786 million in theyear-ago period.

On afully taxable-equivalent basis, BofA's net interest yield for the secondquarter was 2.03%, compared to 2.05% in the linked quarter and 2.37% in the secondquarter of 2015.

Totalnonperforming loans, leases and foreclosed properties amounted to $8.80 billionat June 30, compared to $9.28 billion at March 31 and $11.57 billion at June30, 2015. Net charge-offs declined to $985 million, from $1.07 billion in boththe previous and year-ago quarters, respectively.

Provisionfor credit losses amounted to $976 million in the second quarter, compared to$997 million in the linked quarter and $780 million in the second quarter of2015. Energy reserves were unchanged from the first quarter's $1.0billion.

Full-timeequivalent employees numbered 210,516 in the second quarter, down from 213,183in the first quarter and from 216,679 in the second quarter of 2015.