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