Arab Today, arab today bank of america back in the black trading income sinks
Last Updated : GMT 07:58:57
Arab Today, arab today
Arab Today, arab today

Bank of America back in the black, trading income sinks

Arab Today, arab today

Arab Today, arab today Bank of America back in the black, trading income sinks

Bank of America
New York - AFP

Bank of America Wednesday reported higher quarterly profits on lower expenses, although results in key lending operations were mixed.

Earnings for the first quarter were $3.4 billion compared to a loss of $276 million a year ago. The 2014 results were marred by a $6 billion charge for litigation.

Revenues dropped 5.5 percent to $21.42 billion, below the $21.50 billion projected by analysts.

Chief executive Brian Moynihan pointed to record deposits and a strong performance in investment bank advisory fees as positives in the quarter.

Mortgage production revenues were another high point, jumping from $10.8 billion to $16.9 billion thanks to an increase mortgages.

But net income for global markets sank 28 percent to $945 million, due in part to lower trading revenues. Revenues in the closely-watched fixed income trading category dropped seven percent.

Among other segments, BofA reported higher income in global banking, lower income in global wealth and investment management and essentially flat results in consumer banking.

Like other banks, BofA faces a challenge growing earnings in a low interest rate environment.

Total consumer loans fell 8.6 percent from a year ago to $474.5 billion, while total commercial loans rose 1.7 percent to $403.5 billion.

Chief financial officer Bruce Thompson said the results showed some clear signs of improvement in the US economy, such as the increase in mortgage originations and a trend of more companies increasing their borrowing.

But Thompson said the overall pace of growth was still restrained.

"There's a continual grind towards the improvement side," he said. "It's still not where we would like it to be."

Litigation costs in the most recent quarter were $400 million.

The bank cited lower non-interest expenses as a favorable point. Headcount is down nearly eight percent from last year to 219,700.

The results translated into earnings of 27 cents per share, two cents below analyst expectations.

Bank of America dipped 0.4 percent to $15.74 in pre-market trade.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of america back in the black trading income sinks Arab Today, arab today bank of america back in the black trading income sinks

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of america back in the black trading income sinks Arab Today, arab today bank of america back in the black trading income sinks

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday