Bank of America has just released its second-quarter financial report, showcasing outstanding growth and strong digital adoption across its platforms. The bank reported net income of $7.4 billion for Q2-23, EPS of $0.88, up 21% YoY, revenue grew 11% led by 14% improvement in net interest income to $14.2 billion.
Strong digital usage highlights:
- Record 74% of overall households actively using digital platforms.
- Record 46 million active digital banking users, up 7% or 3.0 million.
- 1.8 million digital sales, up 8%.
- Record 3.1 billion digital logins, up 11%.
- Record 20.3 million active Zelle users sent and received a record 303 million. transactions worth a record $91 billion, up 27% and 25% YoY respectively.
- Clients booked 871,000 digital appointments.
Strong digital usage for Merrill Wealth Management:
- 83% of Merrill households digitally active across the enterprise.
- Continued strength of advisor / client digital communications.
- 1.6 million secure messages.
- Record 79% of households enrolled in eDelivery;
- 335,000 planning reports generated, up 31%; 56% of clients received a planning report in the last 24 months, up from 37% a year ago.
- 74% of eligible checks deposited through automated channels.
- 64% of eligible Bank and Brokerage accounts opened through Digital Onboarding in Q2, up from 29% a year ago.