Bank of America (BAC) Beats Q2 EPS Views by 5c
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Bank of America (NYSE: BAC) reports Q2 earnings of $0.33 per share, after deducting preferred dividends of $805 million, above the consensus of $0.28. Revenues rose 60% to $32.77 billion, versus the consensus of $33.1 billion.
Results were driven by continued strong revenue performance in the wholesale capital markets businesses as well as in home loans, complemented by the previously announced gains on the sale of China Construction Bank shares and the sale of the company's merchant processing business to a joint venture.
Bank of America finished the second quarter with its strongest capital position in recent memory, with a Tier 1 Capital ratio of 11.93 percent as well as a leading liquidity position among global banks.
Excluding Countrywide and Merrill Lynch, Bank of America grew retail deposits $32.0 billion, or 6 percent, from the year-ago quarter.
The provision for credit losses was $13.4 billion, flat with the first quarter. Credit losses were higher than the prior quarter and reserves, which were increased by $4.7 billion, were added across most consumer portfolios and the commercial portfolio reflecting the impact of the weak economy. Nonperforming assets were $31.0 billion compared with $25.6 billion at March 31, 2009, reflecting the continued deterioration in economic condition.
UPDATE: Click here to see some highlights from the company's Q2 conference call.
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