Bank Of America, Goldman Sachs Beat Q2 Expectations

Jayson Derrick

Tue, Jul 18, 2017, 6:54 AM

Following in the steps of their big bank counterparts last week, several large financial companies on Tuesday reported their earnings reports.

Bank of America

Shares of Bank of America Corp (NYSE: BAC) were trading lower by around 0.3 percent early Tuesday morning.
Bank of America earned 46 cents per share in the second quarter on revenue of $22.8 billion versus expectations for 43 cents per share and $21.8 billion.
Net income for the quarter rose 10 percent from a year ago to $5.3 billion.
Book value per share rose 5 percent to $24.88, tangible book value per share rose 6 percent to $17.78.

Goldman Sachs

Shares of Goldman Sachs Group Inc (NYSE: GS) were trading lower by around 1 percent early Tuesday morning.
Goldman Sachs earned $3.95 per share in the second quarter on revenue of $7.89 billion versus expectations for $3.39 per share and $7.52 billion.
Net earnings for the quarter rose slightly from $1.822 billion a year ago to $1.831 billion.
Book value per share rose 6.1 percent to $187.32, tangible book value per share also rose 6.1 percent to $177.20.

Comerica

Shares of Comerica Incorporated (NYSE: CMA) lost nearly 5 percent early Tuesday morning.
Comerica earned $1.15 per share in the second quarter on revenue of $776 million versus expectations for $1.06 per share and $776 million.
Net income rose from $104 million a year ago to $203 million.
Average total loans increased quarter-over-quarter by $823 million to $48.7 billion but decreased $746 million on a year-over-year basis.
Average total deposits fell by $651 million to $57.1 billion on a quarter-over-quarter basis but rose $607 million from a year ago.