This Week
  • Technology and other factors have brought big changes to commercial building.

  • DHD Ventures plans to spend $20 million to renovate two city buildings.

  • From Morocco, Joseph Squalli traveled far to become Rooney's Restaurant owner.

  • Gates Automotive Centers grows by connecting with customers.

  • RocMusic director Alexander Pena rallies young music makers.

  • Challenges mount for area companies that do business in Russia.

Bank of America profit surges, but misses Street estimates

Rochester Business Journal
April 17, 2013

Though Bank of America Corp. saw a surge in first-quarter profits, it missed Wall Street estimates by 2 cents a share.

The bank reported quarterly net income of $2.25 billion, or 20 cents a share, compared with net income of $328 million, or 3 cents a share in 2012. Analysts polled by Thomson Reuters had projected 22 cents a share. 

Excluding special items, net income was $2.6 billion, or 21 cents a share.

The improvement in income was the result of a drop in quarterly expenses, officials from the Charlotte, N.C.-based bank reported. That was offset by a $500 million payment to settle three lawsuits involving mortgage-backed securities and subprime lender Countrywide Financial Corp., acquired by Bank of America in 2008.

Revenue, net of interest expense, on a fully taxable-equivalent basis rose 5 percent to $23.7 billion from $22.5 billion a year ago, the financial institution said. Adjusted revenue fell to $23.85 billion from 26 billion a year ago.

Bank of America N.A. ranks eighth in the Rochester market with local deposits of $740.7 million, data from the Federal Deposit Insurance Corp. shows.

Its shares (NYSE: BAC) were trading late afternoon at $11.65, down 5 percent from Tuesday’s close.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google