The bank has been hamstrung by litigation and demands from investors who want Bank of America to buy back the bonds that it sold years ago. In the quarter, the bank set aside an additional $1.9 billion to fight litigation bringing the total mortgage-related charges in the second quarter to $20.7 billion. The bank does not disclose the total amount reserved for litigation costs.
The reported loss available to common shareholders was 90 cents a share, wider than the 85 cents a share loss expected by analysts surveyed by FactSet. Excluding charges related to investor settlements, Bank of America earned $3.7 billion, or 33 cents a share. That compares with net income of $3.1 billion, or 27 cents a share, in the same quarter last year. The bank's revenue declined 54% to $13.2 billion from $29.1 billion in the same period last year.
While several of the bank's businesses reported positive earnings, almost all of them saw declines in revenue. Loan losses in its consumer businesses dropped for the fifth consecutive quarter. More of the bank's customers paid on time, which led to a 60% decline in the amount the bank puts aside for credit losses from last year.
Bank of America's credit card division reported income of $2 billion, up $1.2 billion from the year-ago quarter, as customers paid on time. However, revenue declined $1.4 billion.
Commercial banking was another bright spot, reporting net income of $1.4 billion, up $566 million from a year ago. But revenue in the division decreased $73 million from a year ago. For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
Bank of America
- BAC stock prices today 8/27/2012
- CML Top Largest mortgage lenders 2011
- BAC & Citigroup Stock outlook july 16-20 2012
- Bank of America Corp BAC shares week Review july 6 2012
- Why Moody cuts ratings 15 biggest banks
- bank of america rating downgrade 2012
- Bank of America stock outlook april 19 2012
- Bank of America earning estimates report april 19 2012
- BAC shares prices february 23 2012
- Bank of America Corp BAC stock research feb 8 2012
- Bank of America (BAC) stock outlook 2012
- Bank of America (BAC) stock forecast 2012
- BAC shares outlook december 22 2011
- Bank Of America Sells 400M Shares first two weeks of December 2011
- BAC Shares prices december 15 2011
- Composition and Weights for the Merrill Lynch Commodity Index 2012
- Bank of America shares prices outlook today dec 2 2011
- BAC stock prices november 24 2011
- Bank of America corp (NYSE:BAC) stock prices outlook october 2011
- bank of america lawsuit settlement 2011
- Bank of America Corporation (BAC) stock prices outlook october 11 2011
- Bank of America Refinance Mortgage Rates Sept 19 2011
- Bank of America will plans to cut 40000 jobs
- Bank of America NYSE:BAC stock outlook september 2011
- Bank of America stock prices down august 22 2011
net profit
- Wells Fargo Net profit second quarter 2011
- Goldman Sachs earning report second quarter 2011
- National Bank of Oman Net profit in Q2 2011
- WestAmerica Bancorp Earnings analysts Preview for july 19 2011
- Saudi Basic Industries Corp (Sabic) net profit second-quarter 2011
- Company Earning Date July 19 2011, Stocks to Watch
- Earnings calendar for July 18 2011
- American National Bankshares Inc. Earnings Preview July 18 2011
- google net revenue rise 36% priode June 30 2011
- Swedish Eniro net profit Q2 June 2011
- TTK Prestige Q1 net profit june 2011
- Citigroup net profits 2Q june 2011
- Development Credit Bank (DCB Bank) net profit june 2011
- Tata Consultancy Services (TCS) net profit june 2011
No comments:
Post a Comment