Bank of America has reported a $6.2 billion net income for the second quarter of 2022. To a record, the bank’s combined credit/debit card spend is up $20 billion, or 10%; credit card spend is up 17%, and debit card spend is up 6%. Its digital usage has increased over time. An all-time high 72% of households actively use digital platforms. Record 42.7 million are active digital banking users, up 5% or 2.2 million. Over 1.6 million digital sales are up 20%. About 2.8 billion digital logins have been recorded. There are 17 million active Zelle users, now including small businesses, sent and received 239 million transfers worth $73 billion, up 26% and 29% YoY, respectively. Clients booked 911,000 digital appointments.
About 75% of eligible cheques were deposited through automated channels during Q2-22. Clients are increasingly leveraging the convenience and effectiveness of the bank’s digital capabilities: Erica interactions are up 40%, Zelle transactions up 41% and digital wallet transactions up 72%.
