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The 30 bp decline in Bank of America's (
) net interest margin
in lost quarterly earnings power, says Josh Steiner, a "hit (that) is recurring, not one time." This deterioration in bank's underlying business may help explain the sharp decline in the stock (
yesterday) despite a headline beat on earnings
a large reserve release.
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I agree with rdullom. BAC have taken steps to improve the business, which has reduced assets and earning power but should make it fundamentally healthier and stronger on its feet. In the long run, I believe BAC should come out stronger. Managing quarter-to-quarter is inappropriate for a company that's trying to turn itself around. Wonder if Berkshire would pick up more stock on the back of this decline....
Jul 19 04:01 PM
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