BofA (BAC) Swings to Q3 Profit, But Items Still Remain
Tweet
Share
E-mail
Get Alerts BAC Hot Sheet
Join SI Premium – FREE
Bank of America (NYSE: BAC) is trading in negative territory early Tuesday, following it's third-quarter earnings report.
Revenue for BofA increased 6.6 percent from $26.70 billion to $28.45 billion.
BofA also swung into profit for the quarter, from a net loss of $7.65 billion last year to net income of $5.89 billion, or 56 cents per diluted share, although this quarter's number included a number of positive one-time items.
Overall, the Street was looking for revenue of $25.95 billion and earnings of 20 cents per share. Items impacting BofA's third-quarter earnings include: $4.5 billion (pretax) in positive fair value adjustments on structured liabilities, a pretax gain of $3.6 billion from the sale of shares of China Construction Bank (CCB), $1.7 billion pretax gain in trading Debit Valuation Adjustments (DVA), and a pretax loss of $2.2 billion related to private equity and strategic investments, excluding CCB.
Book value per share fell from $21.17 to $20.80, while tangible book value increased from $12.91 to $13.22 per share.
Tier 1 common ratio move from 8.45 percent to 8.65 percent, while Tier 1 capital ratio rose from 11.16 percent to 11.48 percent.
Full-time employees moved from 287,293 to 290,509 in the quarter.
BofA is down 3.4 percent ahead of the bell Tuesday.
Revenue for BofA increased 6.6 percent from $26.70 billion to $28.45 billion.
BofA also swung into profit for the quarter, from a net loss of $7.65 billion last year to net income of $5.89 billion, or 56 cents per diluted share, although this quarter's number included a number of positive one-time items.
Overall, the Street was looking for revenue of $25.95 billion and earnings of 20 cents per share. Items impacting BofA's third-quarter earnings include: $4.5 billion (pretax) in positive fair value adjustments on structured liabilities, a pretax gain of $3.6 billion from the sale of shares of China Construction Bank (CCB), $1.7 billion pretax gain in trading Debit Valuation Adjustments (DVA), and a pretax loss of $2.2 billion related to private equity and strategic investments, excluding CCB.
Book value per share fell from $21.17 to $20.80, while tangible book value increased from $12.91 to $13.22 per share.
Tier 1 common ratio move from 8.45 percent to 8.65 percent, while Tier 1 capital ratio rose from 11.16 percent to 11.48 percent.
Full-time employees moved from 287,293 to 290,509 in the quarter.
BofA is down 3.4 percent ahead of the bell Tuesday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- BofA says momentum style supported by earnings revisions
- Deutsche Bank monitors UK auto sales as Chinese exports grow
Create E-mail Alert Related Categories
EarningsRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
