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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Bank Of America Profits Surge To $2.5B 0 comments
    Oct 16, 2013 10:01 AM | about stocks: BAC

    Originally published at

    Bank of America Corporation (NYSE:BAC) profits surged to $2.5B from $340M a year ago, as reported in the company's third quarter financial results for the current fiscal year. Revenue results, like many of its competitors, missed expectations with the company reporting a 5.4% increase to $21.53B. Positive trends included increases in consumer and business banking that led to a $1.78B profit, up from $1.35B profits a year ago. The wealth and investment management business reported a 26% increase in net income from $719M a year ago this quarter. Bank of America's consumer real estate division reported a $1B loss, furthering the decline from an $857M net loss a year ago. Mortgage banking has had negative effects not only on Bank of America but its competitors as well due to increased long-term interest rates.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: financial results, earnings Stocks: BAC
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