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Bank Of America, Goldman Sachs Beat Q2 Expectations

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Bank Of America, Goldman Sachs Beat Q2 Expectations
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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.

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