Bank Of America Reports Strong Q2 Results
"Against modest economic growth of 2 percent, we had one of the strongest quarters in our history." That is how Bank of America CEO and Chairman Brian Moynihan characterized the Charlotte based bank's second quarter results this morning. B of A saw profits rise 10 percent from last year with net earnings of $5.3 billion for the quarter.
In a conference call Moynihan credited mobile banking as a reason earnings were up. "This quarter we broke through one billion interactions digitally with our customers. That's one billion in a single quarter," Moynihan then told investors that translates to a lot of business being done online. "When you look at deposit transactions you can see that 21 percent of all deposits are made through mobile devices today. That's the equivalent of what 1,000 financial centers does."
Bank of America has also reported total assets of $2.25 trillion as of last month. That's up $6 billion from this time last year.