Bank Of America Q2 Profit Tops Estimates; Revenue Up 2%

Bank of America (BAC) reported that its second-quarter earnings per share grew seventeen percent from the year-ago quarter, aided in part by the repurchase of seven percent of the company’s shares in the past twelve months. Revenue, net of interest expense, increased 2%, for the quarter, but missed analysts’ projection.

For the second-quarter, earnings per share was $0.74 compared to $0.63, last year. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $0.71 for the quarter. Analysts’ estimates typically exclude special items. Book value per share increased 10% to $26.41 per share. Net income to shareholders was $7.1 billion compared to $6.5 billion, last year.

Second-quarter revenue, net of interest expense was $23.1 billion compared to $22.6 billion, a year ago. Analysts expected revenue of $23.23 billion for the quarter. Net interest income rose 3% to $12.19 billion, while non-interest income increased nearly 2% to $10.90 billion.

During the quarter, the company repurchased $6.5 billion in common stock and paid $1.4 billion in common dividends. In the next twelve months, the company plans to return $37 billion to shareholders through common dividends and share repurchases.

Average deposit balances rose 6%, to $1.4 trillion. Average loan and lease balances in business segments rose 4%, to $906 billion.

Bank of America reports profit beat, revenue miss

Dick Bove on bank earnings

Rafferty Capital Markets chief financial strategist Dick Bove discusses bank earnings.

Bank of America reported 2Q income of $7.3 billion. That comes to per share profit of $0.74 on revenue of $23.1 billion.  Analysts expected profit per share of $0.71 on revenue of $23.23 billion.

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The bank earned a profit of $0.64 per share during the same period a year ago on revenue of  $22.76 billion.

"Our view of the economy reflects the activity by the one-in-two American households we serve, which points to a steadily growing economy," said Chairman and CEO Brian Moynihan. "We see solid consumer activity across the board, with spending by Bank of America consumers up five percent this quarter over the second quarter of last year."

Bank of America plans to return $37 billion to shareholders through dividends and buybacks in the next 12 months.

Net income from consumer banking rose 13 percent to $3.3 billion while loand increased 6 percent to $296 billion.

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In this year’s first-quarter, earnings per share came in at $0.70 on revenue of $23 billion.

Why are dozens of whales beaching themselves on a Georgia shore?

ST. SIMONS, Ga. — Dozens of pilot whales beached themselves on a Georgia shore and most were rescued by authorities and onlookers who pulled the animals further into the water.

News outlets report Dixie McCoy streamed on Facebook the Tuesday stranding and rescue at St. Simons Island. Video shows people splashing the whales as others drag and push the heavy creatures back out to sea. McCoy says sharks were spotted nearby.

State Department of Natural Resources whale biologist Clay George said the DNR planned to euthanize two incapacitated whales. The DNR says they will be autopsied.

George says the whales were likely confused as they normally stay more than 100 miles (160 kilometers) offshore. The American Cetacean Society says pilot whales are often involved in mass strandings partly due to their social nature.

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Nepal village community struggles to cope with floods

In Nepal’s Rautahat district, people say they are tired of the recurring floods and broken promises by national leaders.

At least 78 people have died and thousands have been displaced after heavy rains triggered landslides and floods in Nepal.

With roads closed, food supplies are running low. People say they have got very little to eat.

Al Jazeera’s Subina Shrestha reports from a village in Rautahat.

Three Turkish diplomats shot dead in Iraqi city Erbil: security officials

SULAIMANIYA, Iraq (Reuters) – At least three Turkish diplomats were killed on Wednesday in a shooting that took place in the Iraqi Kurdish capital Erbil, two Kurdish security officials told Reuters.

Unknown gunmen opened fire at a restaurant where the diplomats were dinning, the sources said.

Progressive Corp. June, Q2 Profit Increase – Quick Facts

The Progressive Corp. (PGR) reported that second quarter net income increased to $979.4 million or $1.66 per share from $704.2 million or $1.19 per share in the prior-year quarter.

On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.43 for the quarter. Analysts’ estimates typically exclude special items.

Net premiums written for the quarter also grew to $9.13 billion from $8.10 billion last year. Analysts expected revenue of $9.14 billion for the quarter.

For the month of June 2019, the company reported net income of $413.1 million or $0.70 per share, a surge from $175.0 million or $0.25 per share in June 2018. Net premiums written for the month also grew to $2.79 billion from $2.46 billion in June last year.