Bank of America earned 13,122 million euros in the first half, 17.8% more, due to the rate hike

In addition, it provisioned 1,828 million euros, 271.8% more, although the CET1 ratio in the second quarter rose to 11.6%

MADRID, 18 Jul. (EUROPA PRESS) -

Bank of America registered an attributable net profit of 14,758 million dollars (13,122 million euros) in the first half of 2023, which represents an advance of 17.8% compared to the result recorded a year earlier, as reported on Tuesday by the entity.

Bank of America's net turnover between January and June reached 51,455 million dollars (45,752 million euros), 12.1% above the bank's revenues in the first half of last year.

Specifically, net interest income increased by 19.1% thanks to "higher interest rates and growth in the granting of loans", up to 28,606 million dollars (25,436 million euros). Meanwhile, non-interest income expanded by 4.3%, to 22,849 million dollars (20,317 million euros).

However, in the six months, Bank of America was forced to provision 2,056 million dollars (1,828 million euros) to face the increase in credit risk, while in the same interval of 2022 these funds accounted for 553 million dollars (491.7 million euros), 271.8% more.

In the second quarter of the year, the entity obtained net attributable profit of 7,102 million dollars (6,315 million euros), 19.7% higher than in 2022, while net invoicing increased by 11.1%, to 25,197 million dollars (22,404 million euros).

Regarding the provision resulting from risk, Bank of America allocated 1,125 million dollars (1,000 million euros), in contrast to the 523 million dollars (465 million euros) registered in the equivalent period, 115.1% more .

However, the standardized CET1 capital ratio, which measures the highest quality assets, stood at 11.6%, two tenths more than in the first quarter and 1.1% more than in the second quarter of 2022. In this sense, the Federal Reserve (Fed) certified on June 29 that Bank of America passed the stress tests on US banks.

"We have had one of the strongest quarters and first halfs in company history in terms of net income," said Bank of America Chairman and CEO Brian Moynihan.