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More on Bank of America (BAC) Q2 earnings: Net interest income of $10.8B up 10.1% Y/Y as NIM...

More on Bank of America (BAC) Q2 earnings: Net interest income of $10.8B up 10.1% Y/Y as NIM rises 23 bps to 2.44% - this is an outlier and at least some of the gain is from lower premium amortization and "hedge ineffectiveness." Noninterest income of $12.2B down 1.9% Y/Y. Provision for credit loss of $1.2B down from $1.8B a year ago. Noninterest expense of $16B off $1B Y/Y thanks to lower litigation costs. Total income of $4B vs. $2.5B a year ago. Noninterest expense (excluding litigation) in LAS is expected to fall below $2B/quarter by year-end (vs. $2.1B guidance previously). 60+ day delinquent mortgages expected to fall below 375K by year-end (vs. 400K guidance previously). CC at 8:30 ET. Shares +0.6% premarket. (PR)
Comments (6)
  • tut666
    , contributor
    Comments (64) | Send Message
     
    Stock should start moving towards book value.
    17 Jul 2013, 07:59 AM Reply Like
  • Mike Maher
    , contributor
    Comments (2542) | Send Message
     
    Quarter looks good, long term story is in starting to reveal itself. Still long
    17 Jul 2013, 08:29 AM Reply Like
  • DoowopDave
    , contributor
    Comments (216) | Send Message
     
    Litigation still a huge problem. Stock not recovering until these major issues resolved.
    17 Jul 2013, 09:03 AM Reply Like
  • Mike Maher
    , contributor
    Comments (2542) | Send Message
     
    My average cost is mid -$9's, seems pretty well recovered to me. AIG won't win that case, too many other plaintiffs signed off on the $8.5 billion settlement. I agree its an overhang on the stock, but I also think the stock isnt that compelling of a buy up here. Its a long term story, but the time to be buying hand over fist is over, at least in my opinion.
    17 Jul 2013, 10:23 AM Reply Like
  • wil3714
    , contributor
    Comments (1844) | Send Message
     
    aint nothing better than waking up to a 52-week high
    17 Jul 2013, 09:53 AM Reply Like
  • StockGaming.com
    , contributor
    Comments (67) | Send Message
     
    Traditionally, there are only two emotions that move the markets: greed and fear. There's a third: hate.

     

    After the hatred for banks and AIG subside, their stocks can recover more of their huge losses. Unfortunately, nobody knows how long it will take for this emotion to subside.
    17 Jul 2013, 10:15 AM Reply Like
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