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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 Quarterly Profits Soar 0 comments
    Jan 15, 2014 11:12 AM | about stocks: BAC

    Originally published at www.seclive.com

    Bank of America Corporation (NYSE:BAC) announced its financial results for the fourth quarter of fiscal year 2013, reporting a substantial profit increase from a year ago. The second-largest U.S. bank recorded a quarterly profit of $3.44B and $0.29 per share, up from $732M a year ago. The reason for the large disparity from year to year was due to the bank paying an $11.6B settlement with Fannie Mae. Revenue improved 15% to $21.49B, beating analyst expectations of $21.24B. Similar to its competitors, Bank of America mortgage originations declined 46% from a year ago, reflecting a further decline in mortgage demand. The company's consumer real-estate division, which includes mortgages, posted a loss this quarter of $1.06B, which was an improvement from the $3.7B net loss a year ago. Revenue from fixed income, currency, and commodities increased 16% to $2.1B while its consumer and business banking posted a profit of $1.97B, up from $1.45B a year ago.

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

    Stocks: BAC
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