The leading web resource for financial technology

Profits up 5% at BofA

20 July 2007

email this aricle - Profits up 5% at BofA - 20 July 2007 print this article - Profits up 5% at BofA - 20 July 2007
Bank of America (BofA) has recorded second-quarter profits of $5.76 billion, or $1,28 a share – a rise of 5.2 per cent compared with the year ago period.

The bank's net income in the second quarter of 2006 had stood at $5.48 billion, or $1.19 a share.

The figure represents a significantly better than expected performance for BoA, with analysts polled by Reuters predicting a return of $1.20 per share.

Revenue, meanwhile, was up 7.8 per cent to $20 billion, which once again exceeded analysts' expectation of $18.7 billion.

Principal factors behind the improved performance were a 17 per cent increase in fee income to $11.2 billion, while gains from equity investment were also up to $1.83 billion from a figure of $699 million for the same period last year.

Meanwhile, growth at the corporate and investment banking division saw profit rise to $1.67 billion from $1.6 billion, while income from debt underwriting was up 28 per cent and advisory fees more than doubled.

Comments (0)

No one has commented on this yet. Be the first!
Add your comment - Max 1000 characters used
More news