Bank of America earned $ 653 million the first quarter
Bank of America announced today that in the first quarter earned $ 653 million, up from 2.049 million the same period in 2011, explained that while reduced its provision for unpaid claims.
With these quarterly results, net income per share-one of the most attention data to provide U.S. investors-was three cents, as it included a charge of $ 0.28 per share due to increased bank debt .
In terms of turnover, the bank accounted for 22.485 million dollars, 17% less than the 27.095 million the same period in 2011.
Its chief executive, Brian Moynihan, said that the organization has focused on strengthening its relationship with customers and gain market share.
“The strategy is working. With an improving economy and the work done to strengthen and streamline the company has improved profit margins across the business in the last quarter compared to last”, 2011, he said.
The chief financial officer, Bruce Thompson, explained that improved liquidity and continued to reduce the weight of most risky assets, which helped in the quarter’s revenue.
Thompson noted that this “should not overshadow the positive momentum we have.”
In terms of provision for credit default, the entity noted that fell to 2.418 million dollars, compared to 3.814 million from January to March 2011 and 2.934 million from October to December of that year.
This level of provision for unpaid claims is the lowest in the state since late 2007, a year before the start of the financial crisis and according to experts, is a sign that U.S. households are recovering economically and their level of debt repayment.
Bank of America pointed out that during the first quarter of 2012 granted 102,000 million dollars in loans, of which 66,600 million were for business activities related to mortgages.
Category: Investing
