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More on Bank of America (BAC) Q1 earnings: Cost-cutting efforts paying off, with non-interest...

More on Bank of America (BAC) Q1 earnings: Cost-cutting efforts paying off, with non-interest expense of $18.15B off nearly $1B from a year ago (total income is $2.6B) - headcount of 262.8K vs. 278.7K a year ago. Net interest income of $10.9B, down from $11.1B a year ago, thanks to lower loan balances and low rates - NIM of 2.43% vs. 2.51% a year ago. Credit loss provision of $906M, up $29M Y/Y "as improvement in portfolio trends have stabilized." $25M in mortgage loans funded - nearly all refinances - up 56% Y/Y. Shares flat. (PR)
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Comments (10)
  • Mike Maher
    , contributor
    Comments (2610) | Send Message
     
    Tangible book moving up, not blowout numbers but a solid quarter with pretty decent loan growth.
    17 Apr 2013, 08:23 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (8661) | Send Message
     
    Like I said @ the beginning of the year:

     

    2012 was the year of Bank of America.

     

    2013 is the year of Citigroup.
    17 Apr 2013, 08:40 AM Reply Like
  • Fear & Greed Trader
    , contributor
    Comments (5299) | Send Message
     
    Believe you can add JPM to the 2013 list.
    17 Apr 2013, 09:15 AM Reply Like
  • benitus
    , contributor
    Comments (1962) | Send Message
     
    Despite apparently disappointing results, it does appear that BAC is on-track to clear up their dirty baggage, which should give rise to much more improvements for the next quarter. After all, one quarter doesn't make or break a bank with so much trouble as BAC was once before. Definitely enhance buying opportunities from initial sell-off, which should recover within a month.
    17 Apr 2013, 08:51 AM Reply Like
  • Stan The Stash
    , contributor
    Comments (5) | Send Message
     
    Good solid quarter. BAC WILL BE AT $13.50 7/13 and $15.00 10/13 and $18.00 1/14/14. 50% return in 9 months. Not bad.
    17 Apr 2013, 09:07 AM Reply Like
  • june1234
    , contributor
    Comments (2655) | Send Message
     
    All the big banks are missing and warning. Despite CME increasing its margin requirements on gold and silver deflationary pressures are in full swing. Global growth story is dead QE has not worked. Ben will have to up the ante if he wants to keep this going
    17 Apr 2013, 10:38 AM Reply Like
  • mweaver
    , contributor
    Comments (201) | Send Message
     
    breakout merrill's contribution
    and you arrive at what the
    "bank" really earned.
    17 Apr 2013, 10:50 AM Reply Like
  • ComputerBlue
    , contributor
    Comments (808) | Send Message
     
    Yep, ML is the breadwinner.
    17 Apr 2013, 11:09 AM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    The banks are not getting the benefit of a steep yield curve (loans on larger spreads). Their prop trading departments are benefiting from reserves.
    17 Apr 2013, 01:09 PM Reply Like
  • Misho ILIEV
    , contributor
    Comments (575) | Send Message
     
    BAC at USD 10,5 would be a great buying opportunity. Let's hope the sell off continues.
    17 Apr 2013, 02:49 PM Reply Like
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