Despite 68% Plunge in Profit, BofA's (BAC) Q1 Results Look Solid
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Price: $61.69 -0.27%
Financial Fact:
Total revenue, net of interest expense: 21.64B
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Total revenue, net of interest expense: 21.64B
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Investors are pushing Bank of America (NYSE: BAC) shares over the $9 level Thursday morning following mixed results for the quarter ended March 31st, 2102.
The bank reported first-quarter net sales of $22.49 billion, down 17 percent from the same quarter last year and down 10.6 percent from the fourth quarter of 2011. Net interest income was down nearly 10 percent to $11.05 billion, but up almost 1 percent from last quarter.
Sales to BofA's Consumer and Business Banking segment were down 12 percent from $8.46 billion in the year-ago quarter to $7.42 billion. The Consumer Real Estate Services segment saw a nice increase in revenue from $2.06 billion last year to $2.67 billion. Global Banking sales were down 5 percent to $4.45 billion, adjusted Global Market sales were down very modestly to $5.63 billion and the Global Wealth and Investment Management unit saw revenue fall 3 percent to $4.36 billion.
GAAP net income plunged some 68 percent from $2.049 billion in the first quarter of 2011 to $653 million, or 3 cents per common share. Excluding negative valuation adjustments of $4.8 billion pretax, or $0.28 per share, from the narrowing of the company's credit spreads, adjusted earnings were 31 cents per share.
Analysts on the Street were expecting quarterly earnings of 11 cents per share on sales of $22.89 billion.
Tier 1 common equity ratio was 10.78 percent, from 8.64 percent last year. BofA's Tier 1 capital ratio was 13.37 percent, up from 11.32 percent last year.
The bank reported first-quarter net sales of $22.49 billion, down 17 percent from the same quarter last year and down 10.6 percent from the fourth quarter of 2011. Net interest income was down nearly 10 percent to $11.05 billion, but up almost 1 percent from last quarter.
Sales to BofA's Consumer and Business Banking segment were down 12 percent from $8.46 billion in the year-ago quarter to $7.42 billion. The Consumer Real Estate Services segment saw a nice increase in revenue from $2.06 billion last year to $2.67 billion. Global Banking sales were down 5 percent to $4.45 billion, adjusted Global Market sales were down very modestly to $5.63 billion and the Global Wealth and Investment Management unit saw revenue fall 3 percent to $4.36 billion.
GAAP net income plunged some 68 percent from $2.049 billion in the first quarter of 2011 to $653 million, or 3 cents per common share. Excluding negative valuation adjustments of $4.8 billion pretax, or $0.28 per share, from the narrowing of the company's credit spreads, adjusted earnings were 31 cents per share.
Analysts on the Street were expecting quarterly earnings of 11 cents per share on sales of $22.89 billion.
Tier 1 common equity ratio was 10.78 percent, from 8.64 percent last year. BofA's Tier 1 capital ratio was 13.37 percent, up from 11.32 percent last year.
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