NEW YORK (Thomson Financial) - Bank of America Corp. Monday reported
second-quarter net income of $3.41 billion, or 72 cents a share, which includes
pretax merger and restructuring charges of $212 million.
The mean estimate of analysts polled by Thomson Reuters was for earnings of
53 cents a share.
Revenue for the bank was $20.32 billion, above the $18.37 billion estimate
of analysts.
In the year-earlier period, the company reported second-quarter net income
of $5.76 billion, or $1.28 a share, on revenue of $19.63 billion.
Bank of America's provision for credit losses soared to $5.83 billion from
$1.81 billion a year ago. The provisions reflect net charge-offs of $3.62
billion and additions to the allowance for loan and lease losses of $2.21
billion. The additions were mostly in consumer and commercial portfolios
directly tied to housing, the company said.
Shares of Bank of America closed Friday at $27.49. Shares of the Dow Jones
industrial average component are down 43% over the past 52 weeks.
Ryan Vlastelica
rv/jw
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