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April 19, 2012

Bank of America has solid quarter despite massive charge

  • $653M the size of the profit Bank of America had this quarter, which beat investor estimates
  • $2.05B the size of the profit BofA had in the same quarter a year ago; but wait, isn’t that a decline?
  • $4.8B the size of an accounting charge on the value of the bank’s debt, causing lower profits source

» In other words … If you take out the charge, their profits were nearly $5.5 billion this quarter. This total beat the street’s estimate by a wide margin — a reported profit of 31 cents per share, versus what investors thought would be a profit of 12 cents per share. As a result, the stock made a fairly big leap this morning, surging 6 percent in pre-market trading.

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10:14 // 2 years ago