BofA (BAC) Drops as Items Add Up to Q3 Loss
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Price: $61.82 -0.06%
Financial Fact:
Mortgage banking income (loss): 589M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Mortgage banking income (loss): 589M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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After an initial rise into the green, investors are digesting Bank of America's (NYSE: BAC) quarterly report and finding out it may not have been as rosy as initially expected.
BofA reported net income before tax of $7.433 billion, and post tax and preferred dividend net income of $5.889 billion.
However, BofA still had some items.
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.
Adjusting for the items, and BofA reported an adjusted net loss of about $167 million, a far cry from the net income expected.
BofA shares are now down over 4 percent pre-market Tuesday.
BofA reported net income before tax of $7.433 billion, and post tax and preferred dividend net income of $5.889 billion.
However, BofA still had some items.
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.
Adjusting for the items, and BofA reported an adjusted net loss of about $167 million, a far cry from the net income expected.
BofA shares are now down over 4 percent pre-market Tuesday.
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