Adjusted book value per share ex AOCI and with AB ownership at market value was $40.89, up 11% year-over-year.
Adjusted non-GAAP operating EPS was $1.41, down 8% compared to the prior year, primarily due to elevated individual life mortality claims.
AllianceBernstein (AB) reported net outflows of $6.7 billion in Q2 but returned to net inflows in June; private markets AUM grew 20% year-over-year to $77 billion.
Assets under management and administration reached a record $1.1 trillion, up 5% year-to-date.
GAAP net loss was $349 million, impacted by notable items including a $74 million after-tax negative item in Protection Solutions.
Non-GAAP operating earnings were $352 million or $1.10 per share, down 23% year-over-year on a per share basis.
Wealth Management earnings increased 16% year-over-year with $2 billion of advisory net inflows and a 12% trailing 12-month organic growth rate.
Capital ratios remain strong with total risk-based capital ratio at 16.25% and tangible common equity ratio at 9.95%.
Net income and EPS grew 18% quarter-over-quarter excluding a $8.5 million loss on securities sales and related tax impact.
Net interest income increased to $25.9 million, driven by higher average earning assets and a 7 basis point increase in net interest margin.
Net interest margin expansion was due to a 1 basis point decrease in cost of deposits and a 6 basis point increase in average yield on earning assets.
Noninterest income was negative due to the securities portfolio loss, but other noninterest income areas were consistent with prior quarter.
No provision for credit losses was required due to stable loan portfolio and high reserves; allowance for credit losses remained at 1.44% of total loans.
Pretax pre-provision net income increased 15% compared to prior quarter and 85% compared to prior year-to-date.
Repurchased $2.2 million of shares during the quarter within a limited window.
Total deposits declined in Q2 due to normal client activity but have grown year-to-date; more than 70% of Q2 deposit outflows recouped in July.
Dafinchi