Banking, finance, and taxes
Bank of America Skates by Earnings Estimates
Published:
Last Updated:
Bank of America Corp. (NYSE: BAC) has reported earnings of $0.00 per share, or $340 million in net income, after items on revenue of $20.43 billion. Thomson Reuters estimates were -$0.07 per share and $21.89 billion in revenue. We would note that there were some previously announced items that took away $0.28 in EPS and also total revenue on a debit valuation adjustment and fair value option basis was listed as $22.529 billion.
The bank still trades at an incredible discount to its book value and that book value rose in the quarter. Tangible book value per share rose to $13.48 versus $13.22 one quarter ago; the stated book value per share was $20.40 versus $20.16 one quarter ago.
Regulatory capital ratios increased in the quarter. Tier 1 common capital ratio under Basel 1 rose to 11.41% and its Tier 1 common capital ratio under Basel 3 on a fully phased-in basis was estimated at 8.97%. Global Excess Liquidity Sources totaled $380 billion at the end of the third quarter, up from $378 billion at the end of the prior quarter and $363 billion a year ago. Long-term debt fell to $287 billion at the end of the third quarter from $302 billion at the end of the prior quarter and $399 billion a year ago. Total average deposit balances rose by $17 billion or about 6% annualized.
Bank of America shares closed at $9.46 on Tuesday and shares are trading up 2% at $9.68 this morning.
JON C. OGG
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.