October 18, 2011 in News
Bank of America reported net income of $6.2 billion, or 56 cents per share, for the third quarter of 2011, compared with a net loss of $7.3 billion, or 77 cents per share a year-ago period. The nation’s largest bank reported total revenue of $28.5 billion, a 6% increase. Analysts’ consensus forecast for earnings per share of 20 cents on revenue of $25.9 billion. BofA shares were down more than 4% in pre-market trading. The quarter’s results were heavily affected by accounting gains and on asset sales. The three-month period ending in September included pretax gain of $4.5 billion (pretax) in positive fair value adjustments on structured liabilities, a pretax gain of $3.6 billion from the sale of shares of China Construction Bank (CCB), $1.7 billion pretax gain in trading Debit Valuation Adjustments (DVA), and a pretax loss of $2.2 billion related to private equity and strategic investments, excluding CCB.