S&P 500 (NYSE:SPY) component Bank of America Corporation (NYSE:BAC) reported its results for the second quarter. Bank of America Corporation is a bank holding and a financial holding company which, through its subsidiaries, provides banking and other financial services and products to customers in the United States and abroad.
Bank of America Earnings Cheat Sheet for the Second Quarter
Results: Swung to a loss of $8.8 billion (90 cents per diluted share) in the quarter. The bank had net income of $3.12 billion or 27 cents per share in the year earlier quarter.
Actual vs. Wall St. Expectations: BAC beat the mean analyst estimate of a loss of 91 cents per share.
Quoting Management: “Obviously, the solid performance in our underlying businesses continues to be clouded by the costs we are absorbing from our legacy mortgage issues,” said Bank of America Chief Executive Officer Brian Moynihan.”But it is clear that – from deposits to wealth management to investment banking – our customers and clients are choosing to do more with us every day. We intend to continue our efforts to put the mortgage uncertainty behind us, build capital through the strength of the franchise, and deliver the returns for shareholders that we owe them.”
The company beat estimates last quarter after falling short in the previous two quarters. In the first quarter, it missed the mark by 10 cents, and in the fourth quarter of the last fiscal year, it fell short by 15 cents.
Competitors to Watch: Citigroup Inc. (NYSE:C), Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co. (NYSE:JPM), U.S. Bancorp (NYSE:USB), Goldman Sachs Group, Inc. (NYSE:GS), Barclays PLC (NYSE:BCS), Morgan Stanley (NYSE:MS), PNC Financial Services (NYSE:PNC), KeyCorp (NYSE:KEY), and American Express Company (NYSE:AXP).
(Source: Xignite Financials)