Bank of America 2Q Review: Strong Trading/IB but Tepid NII Growth; NII FY26 Outlook Unchanged, Operating Leverage Better

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Bank of America 2Q Review: Strong Trading/IB but Tepid NII Growth; NII FY26 Outlook Unchanged, Operating Leverage Better

J P M O R G A N North America Equity Research

15 July 2026

Bank of America Overweight

BAC, BAC US

2Q Review: Strong Trading/IB but Tepid NII Growth; NII Price (14 Jul 26):$60.62

FY26 Outlook Unchanged, Operating Leverage Better Price Target (Dec-26):$62.50

BofA posted 2Q EPS of $1.21. Key drivers: 1) The quarter was led by strong growth Banks — Large-Cap

ACin trading and investment banking revenues. 2) This offset tepid qoq growth in net Vivek Juneja

interest income (NII) ex-trading. 3) Period-end loan growth slowed sharply to the (1-212) 622-6465

slowest qoq growth in two years. 4) Other non-interest income categories were vivek.juneja@jpmorgan.com

mixed. 5) Non-interest expenses rose sharply yoy led by higher revenues – core Andrew J Dietrich

efficiency ratio improved sharply yoy (also seasonally better qoq) to 58.6% ex- (1-212) 622-4244

DVA. 6) Credit quality remained strong. BofA posted positive operating leverage aj.dietrich@jpmorgan.com

of over 600bp yoy in 2Q. Capital ratios remained strong and share buybacks were Sai M Nettem

high. (1-212) 622-2666

sai.nettem@jpmorgan.com

• Outlook for markets-related revenues remains strong, and these should be J.P. Morgan Securities LLC

the key driver of revenue growth in 2H. NII growth remains key – comps for

NII growth yoy are tougher in 2H, but qoq growth should continue with Quarterly Forecasts (FYE Dec)

increased benefit from swap maturities. The slowdown in C&I loan growth Adj. EPS ($)

raises some questions about the pace of growth in NII ex-global markets. There 2025A 2026E 2027E

was finally a little pickup in credit card loan growth. Global Transaction Q1 0.89 1.11A