Good 2Q for Bank of America; Consumer Franchise Displays Strong Fundamentals as Rate Cuts Loom
Wide-moat Bank of America reported good results for the second quarter of 2019. Revenue increased 2%, driven by net interest income growth of 3% and fee income growth of 1.6%. This occurred on top of a stable expense base, leading to net income growth of 8%, and a 7% reduction in average shares outstanding helped drive EPS growth of 17%. The return on average tangible common equity was 16.2%, a solid result. Overall, Bank of America is hitting its targets, with roughly stable credit costs and ex...Bank of America is a bank and a financial holding company. Through its subsidiaries, the company provides a range of banking, investing, asset management and other financial and risk management products and services. The company's segments include: Consumer Banking, which provides credit, banking and investment products and services; Global Wealth & Investment Management, which provides investment management, brokerage, banking and retirement products; Global Banking, which provides lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services; and Global Markets, which provides sales and trading services and research services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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