| Bank Of America
Earnings Call |
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Bank of America Earnings Call, Second Quarter 2008
22nd July 2008 00:00 AM |
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| Pessimistic outlook projected as continued economic sluggishness is expected to result in some further deterioration in credit quality. |
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| The provider or financial services reported a 3% increase in revenues to $20.3 billion from $20 billion in 2007 as consumer and commercial client flows remained strong. However, earnings fell 39% to $3.4 billion or 75 cents a share as credit costs remained high reflecting weaker housing markets, notably in geographic regions that experienced significant home price declines. |
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Bank of America Corporation First Quarter Earnings Call
24th April 2008 00:00 AM |
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| The company $6.01 billion in provision expenses to cover rising credit costs in its home-equity, small business and homebuilder portfolios. |
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| The company incurred trading related losses of $1.31 billion that were driven by writedowns of collateralized debt obligations and leveraged loans. Net interest income rose 20% to $10.29 billion from $8.6 billion in Q1 of last year. Noninterest income declined 29% to $7.01 billion from $9.89 billion a year earlier. Premier banking and investments experienced good growth in brokerage income, fee based assets, loan production and deposit levels. |
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Bank of America Fourth Quarter Earnings Call
28th January 2008 00:00 AM |
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| Net income fell 29% to $14.98 billion or $3.30 a share from the prior year as market dislocations and slowdowns in the economy impacted performance. |
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| The diversified financial services provider reported an 8% decrease in revenues to $68.07 billion from $73.80 billion a year earlier due to rate fluctuations, trading account losses, lower equity investment income and write-downs. Credit quality indicators deteriorated as weaknesses in housing and financial markets resulted in rising credit risk. During the year the firm acquired U.S Trust to serve wealthy clients and Lasalle Bank to expand its geographic footprint. |
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Bank of America Second Quarter Earnings Call
15th November 2007 00:00 AM |
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| Second-quarter net income rose 5% to $5.76 billion from $5.48 billion a year earlier, beating expectations. |
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| Diluted earnings per share rose 8% to $1.28 from $1.19 a year ago. Revenue net of interest expense on a fully taxable-equivalent basis increased 8% to $19.96 billion from $18.52 billion a year earlier. The bank’s management added that non-interest income increased 21%, offsetting $1.3 billion increase in credit cost and a 4% increase in expense levels. |
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Bank of America Third Quarter Earnings Call
21st October 2007 00:00 AM |
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| Income fell 32% to $3.7 billion, or 82 cents a share, from $5.4 billion, or $1.18 a share in 2006, due to reduced fee revenue opportunities. |
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| The financial services provider reported a 12% decrease in revenues from $18 billion in 2006 to $15.9 billion, due to a marginal increase in net interest income driven by consumer and commercial loan growth. Total sales of retail products rose 12%, generated by strong growth in sales of first mortgages, checking and savings accounts and online banking activations. Despite continued increased in credit costs, overall credit quality remained sound as credit card losses stabilized. |
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Bank of America First Quarter Earnings Call
23rd April 2007 00:00 AM |
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| Net income rose 5% to $5.26 billion or $1.16 a share from $4.99 billion or $1.07 a year in the previous year. |
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| Bank of America reported revenue increase of 3% to $18.42 billion from $17.94 billion in the prior year. The growth in the quarter was primarily driven by increases in service fee income, investment banking income, mortgage banking income and equity investment gains. The results for the quarter included $397 million or 6 cents per share in expense from the impact of SFAS 123R. During the quarter, the company paid a cash dividend of 56 cents per share and repurchased 48 million common shares. |
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