Bank Of America Profit Down, But Tops Forecasts

By: Associated Press
By: Associated Press

CHARLOTTE, N.C. (AP) - Bank of America has become the latest in
a string of big banks whose second-quarter earnings, while hurting
from the impact of the credit crisis, still managed to beat Wall
Street expectations.
The nation's second-largest bank by assets says its profit fell
41 percent from a year earlier. Losses in its struggling mortgage
operations were offset by business in other parts of the company.
Even so, it easily beat Wall Street estimates, and shares were
solidly higher at midday.
Four of the nation's five biggest banks have now reported
better-than-estimated results, sparking a rally in most financial
stocks last week that continued into recent trading. JPMorgan Chase
and Wells Fargo reported smaller-than-expected profit declines,
while Citigroup had a milder-than-expected 2.5 billion dollar loss.


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, Trolling or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to comments@kbtx.com. Please provide detailed information.

powered by Disqus
KBTX-TV Channel 3 4141 E. 29th Street Bryan, TX 77802 Phone: (979) 846-7777 Fax: (979) 846-1490 News Fax: (979) 846-1888
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 25725214 - kbtx.com/a?a=25725214