Bank of America: 2Q26 EPS REVIEW: Ups 2026 operating leverage guide

研报英文原文证据摘录

Bank of America: 2Q26 EPS REVIEW: Ups 2026 operating leverage guide

Equity Research

U.S. Large-Cap Banks

14 July 2026

Bank of America

2Q26 EPS REVIEW: Ups 2026

operating leverage guide Earnings Review

EPS beat as fees (trading, IBD) and provision (NPA, NCO both BAC OVERWEIGHT

-1bp) were ahead and NII was in-line (w/ improved Unchanged

expectations). Still, expenses and tax rate were higher than U.S. Large-Cap Banks UnchangedPOSITIVE

anticipated while share buyback slowed. It reaffirmed ~8% Price Target USD 72.00

2026 NII growth and raised its pos op lev outlook to raised 1% from USD 71.00

300-400bps. Price (13-Jul-26) USD 59.50 Potential Upside/Downside +21.0%

Source: Bloomberg, Barclays Research

Executive Summary SharesMarket OutstandingCap (USD mn)(mn) 7096.59422247

Bottom-line: EPS exceeded expectations as fee income (trading, IBD above intra-quarter Free Float (%) 92.48

guidance) and its provision for credit losses (as NPA, NCO both down 1bp) were ahead and net 52 Wk Avg Daily Volume (mn) 37.4

interest income was in-line with improved expectations. Still, expenses and tax rate were higher Dividend Yield (%) 1.88

than anticipated while share repurchase slowed. Relative to the prior year, all four of its Return on Equity TTM (%) 11.02

business segments grew revenue and net income, produced positive operating leverage and Current BVPS (USD) 38.66

improved efficiency ratio. Looking out BAC continued to point to 2026 net interest income Source: Bloomberg

growth of roughly 8% while upping its positive operating leverage (pos op lev) forecast to

300-400bps, from 200bps-plus. Price Performance Exchange-NYSE

52 Week range USD 60.83-44.75

Results: BAC reported 2Q26 EPS of $1.21. Consensus was $1.13. It released $46mn of loan loss

reserves, down from a $72mn release in 1Q26.