Bank of America Corp (NYSE:BAC)’s Q2 results shows 63% Jump in profit earnings


Dallas, Texas 07/30/2013 (Financialstrend) – Bank of America Corp (NYSE:BAC) released its second quarter results which ended this June, the bank reported a jump of 63% in profit earnings of $4 billion in the quarter after payments to preferred shareholders or 32 cents per share. By this beat it’s Estimates, the bank actually looking for revenue of $22.8 billion or 25 cents per share. This quarter results are also greater when compared to same period of last month where it earned revenue of $22.2 billion or 15 cents per share with the earnings of $2.5 billion. Thus revenue rose up 3 percent and earnings increased by 70 percent, the earnings growth is larger as the bank set aside less money for potential troubled loans and cut costs.

According to data compiled by Thomson Reuters, the results exceeded the expectations of analysts where they expect 25 cents earnings per share. Improved investment banking, lending, income from trading and wealth management are said to be the reasons for Boosting Bank of America’s performance. Brian Moynihan Chief Executive of Bank of America said “We have greater opportunities as consumer recovering and businesses is getting strong, we will keep improving”

The share of Bank of America Corp (NYSE:BAC) was bearish by 1.43% on Monday to close down for the day with $14.52 per share. The company had recorded the trading day low price of $14.45 and high price of $14.70 on Monday. For the last twelve months of trading, the low price of the stock is at $7.10 and high price of the stock is at $15.03 per share. Currently there are 10.75 billion shares of the company outstanding in the market and 59% institutional ownership. The trading volume of the company on Monday was 88.77 million shares and the trading volume over the past 30 days of the company was 118.51 million shares per day. The total market value of the company is 156.04 billion.