Bank of America
Q2 2022 Earnings Call
Jul 18, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, everyone, and welcome to today's Bank of America earnings announcement. [Operator instructions] Please note, this call may be recorded. [Operator instructions] It is now my pleasure to turn today's program over to Lee McEntire.
Lee McEntire -- Senior Vice President, Investor Relations
Good morning, and welcome. Happy Monday, and thank you for joining the call to review Bank of America's second-quarter results. I hope everyone's had a chance to review our earnings release documents. As always, they're available, including the earnings presentation that we'll be referring to during this call, on the Investor Relations section of the bankofamerica.com website.
I'm going to first turn the call over to our CEO, Brian Moynihan, for some opening comments, and then I'll ask Alastair Borthwick, our CFO, to cover the details of the quarter. Before I turn the call over to Brian, just let me remind you, we may make some forward-looking statements, and please refer to our non-GAAP financial measures during the call. Forward-looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties. Factors that may cause actual results to materially differ from expectations are detailed in our earnings materials and SEC filings available on our website.
Information about non-GAAP financial measures, including reconciliations to U.S. GAAP, can also be found on our earnings materials that are available on the website. So with that, Brian, I'll turn it over to you. Thanks.
Brian Moynihan -- Chief Executive Officer
Thank you, Lee, and thank you, all of you, for joining us today this quarter. Thanks to a great team here at Bank of America. We reported $6.2 billion in net income or $0.73 per diluted share. We delivered on our fourth straight quarter of operating leverage.
We grew revenue 6%, while expense rose 1.5% for 4.5% of operating leverage compared to Quarter 2 2021. We also saw a 21% year-over-year improvement in NII. These earnings generated a return on tangible common equity of 14% and return on assets of 79 basis points. As a reminder, when comparing our earnings in the second quarter of '21 to the earnings this quarter, in the second quarter '21, we recorded two items of note.