Solid Second-Quarter Results for Bank of America, Maintaining Our Fair Value Estimate
Narrow-moat Bank of America continued its solid results in the second quarter. Expense declines continued while revenue stayed fairly stable, leading to the efficiency ratio improving to 58.4% this quarter on a fully taxable-equivalent basis from 60.6% in the second quarter of 2017. Credit quality was superb with provisioning remaining range-bound, and net interest income still managed moderate growth, at 6% year over year. The bank reported a 1.17% return on average assets and a 15.2% return on...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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