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The bank said it had reached a $US650 million deal with American International Group to resolve all outstanding residential mortgage backed securities litigation.
BofA profit plunges in Q2
Bank of America fixed income, currencies and commodities trading revenue bucked as trend showed by rivals in recent days, by logging a rise for the quarter. Excluding adjustments to the value of the bank debt, FICC trading revenue was $2.4 billion in the second quarter, up 5 per cent from the year earlier, helped by a stronger performance from mortgage and municipal products, but partially offset by declines in foreign exchange and commodities.
Charlotte based Bank of America reported a profit of $2.29 billion, compared with $4.01 billion a year earlier. The results include a litigation charge of $4 billion, up from a year earlier charge of $471 million. On a per share basis, earnings were 19 cents. Analysts polled by Thomson Reuters had expected seven cents a share including litigation.
Analysts at Keefe, Bruyette Woods recently noted that Bank of America "continues to be Nike Vapormax High
That deal is, the bank hopes, one of the last big pieces of crisis era litigation that it has to work through, though Bank of America and the government still remain far apart on how much the lender should have to pay. The Journal reported last month that the Nike Air Vapormax Flyknit Asphalt
Shares rose 1.6 per cent and then quickly reversed course in recent premarket trading as investors digested the legal charge and a somewhat messy earnings comparison.
more of a cost save story than a revenue generating story." They note that the bank earnings should get a break as costs ebb for the Legacy Asset Servicing group, which handles troubled mortgages, as the bank works through those loans. For the second quarter, Bank of America noninterest expense was $18.54 billion compared with $16.02 billion a year earlier and $22.24 billion in the prior quarter.
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Revenue dropped 4.3 per cent to $21.75 billion, topping analysts expectation of $21.61 billion.
In the second quarter, Bank of America continued to feel the impact of a fizzling in the refinancing boom. The bank consumer real estate division which includes mortgage banking reported a loss of $2.8 billion. The unit lost $930 million a year ago, and $5.03 billion in the first quarter. Meanwhile, mortgage originations in the division declined 59 per cent from a year earlier.
Bank of America earnings report comes as it, like its peers, is grappling with a trading slowdown. Still, the lender markets business has been pegged as likely to hold up better than that of rivals due Nike Vapormax Purple Swoosh to its relative lack of reliance on foreign exchange and rates, two businesses that were hit badly during the second quarter.
Bank of America second quarter litigation expense is on the high end of what many on Wall Street had expected. Litigation expenses were also a key part of last quarter earnings, when the bank set aside $6 billion, higher than analysts were expecting and enough to push results into the red. Much of the money was set aside for an expected mortgage securities settlement with the Justice Department, which is still pending three months later.
has offered to pay some $12 billion, which would include both cash and consumer relief, but the Justice Department has demanded billions more. Citigroup Inc. Morgan Chase Co. settled in November.
Bank of America said second quarter profit slid 43 per cent as the banking giant was again weighed down by large one time legal charges and a slump in mortgage originations.
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