Bank Of America
Bank Of America, headlines read bank suprises and tops the number, under the sheets,
despite a 4% revenue increase, BofA reported a 41% drop in earnings $3.41 vs 5.76 billion, which was the fourth straight quarterly decline.
The #2 US bank by assets, more than tripled its reserve $5.83 vs 1.81 billion for loan losses, while net charge offs doubled $3.62 vs 1.5 billion.
Profit at the consumer bank, the company's largest unit, declined 66% as HELOC's produced losses of $923 million, up 86% from Q1.
Results EXCLUDED Countrywide's $2.33 billion loss; reflecting $3.7 billion of credit related losses and write downs.
CFO Joe Price stated that another $13 billion in Countrywide writedowns were possible.
despite a 4% revenue increase, BofA reported a 41% drop in earnings $3.41 vs 5.76 billion, which was the fourth straight quarterly decline.
The #2 US bank by assets, more than tripled its reserve $5.83 vs 1.81 billion for loan losses, while net charge offs doubled $3.62 vs 1.5 billion.
Profit at the consumer bank, the company's largest unit, declined 66% as HELOC's produced losses of $923 million, up 86% from Q1.
Results EXCLUDED Countrywide's $2.33 billion loss; reflecting $3.7 billion of credit related losses and write downs.
CFO Joe Price stated that another $13 billion in Countrywide writedowns were possible.
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