News Column

BofA Earns $3.6 Billion in Q2

July 17, 2013
bank of america

Bank of America earned $3.6 billion for shareholders in the second quarter, up 70 percent from the year before, the Charlotte bank reported Wednesday.

At 32 cents per share, the results exceeded Wall Street's expectations. Mortgage originated continued to grow, up 40 percent from last year, the bank said. Revenue grew 3 percent over last year, but declined slightly from the first quarter.

Like its peers, Bank of America had a particularly strong quarter in its trading business as well.

The bank's employee headcount fell another 2 percent in the quarter, hitting just more than 257,000.

"We are doing more business with our customers and clients, and gaining momentum across every customer group we serve," CEO Brian Moynihan said in a statement. "We must keep improving, but with the consumer recovering and businesses strong, we have lots of opportunity ahead."

In the first quarter, Bank of America's profits increased but the bank missed estimates in a period marked by losses in its pre-financial crisis mortgage unit and a new $500 million settlement to resolve class-action lawsuits over mortgage backed securities issued by Countrywide Financial Corp. Bank of America acquired the subprime lender in 2008.


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Source: Copyright Charlotte Observer (NC) 2013

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