BofA (BAC) Turns Positive on Q3 Call; CEO Moynihan Says Capital Level Enough to Run Company, Fund Growth

October 17, 2012 10:04 AM EDT
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Bank of America (NYSE: BAC) shares are lower on the session following arguably better-than-expected third-quarter 2012 results.

Loss was break even on revs of $22.53 billion, versus the consensus estimate calling for a 7 cent loss per share on sales of $21.89 billion. For more color on the quarter, click here.

The following are a few, non-verbatim comments from BofA's call today from CEO Brian Moynihan and CFO Bruce Thompson:
  • Moynihan said that the bank is moving in the right direction;

  • Results show strength of the integrated business model;

  • Thompson said PIIGS holdings rose $1.95 billion from June 30th;

  • PIIGS financial institutional holdings were cut $1.06 billion from the end of June, while corporate holdings rose $2.14 billion;

  • Costs tied to U.S. mortgage settlement will be "much smaller" after Q3; and

  • Moynihan noted that BofA has capital is enough to run the company and fund growth.
Shares of BofA are up 0.9 percent Wednesday morning.

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