bank of america reports 70m loss on huge legal charge
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Bank of America reports $70m loss on huge legal charge

Arab Today, arab today

Arab Today, arab today Bank of America reports $70m loss on huge legal charge

Bank of America logo outside a bank branch in Washington
London -AFP

Bank of America reported a $70 million third-quarter loss Wednesday following a $5.3 billion charge to settle mortgage securities litigation.
The loss compared with earnings of $1.5 billion last year. The bank also had a loss in the first quarter of 2014 due to hefty legal costs stemming from the financial crisis.
Despite the loss, BofA, the second-largest US bank by assets after JPMorgan Chase, notched earnings gains in four of five operating divisions.
Consumer and business banking profits rose on higher credit card issuance, larger deposits and a lower provision in case of credit losses.
Profits in global markets came in at $769 million compared with a loss of $875 million last year. BofA cited increased trading activity due to greater volatility in the foreign exchange market.
Profits in global banking and global wealth also rose compared with the year-ago period.
Consumer real estate was the  lone division with weaker performance -- a loss of $5.2 billion -- due to the mortgage-securities settlement.
"We saw solid customer and client activity and improved profitability in most of our businesses relative to the year-ago quarter," said BofA chief executive Brian Moynihan.
BofA's results translated into a loss of one cent per share compared with analyst forecasts for a loss of nine cents per share.
Revenues dipped to $21.43 billion from $21.74 billion a year ago and slightly above the $21.36 billion projected by analysts.
BofA shares advanced 0.9 percent to $16.66 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*

bank of america reports 70m loss on huge legal charge bank of america reports 70m loss on huge legal charge

 



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*

bank of america reports 70m loss on huge legal charge bank of america reports 70m loss on huge legal charge

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday