Monday, July 18, 2016 7:22:04 AM
Source: Dow Jones News
By Christina Rexrode and Peter Rudegeair
Bank of America Corp. said its quarterly profit fell, as the second largest U.S. lender by assets was hurt by the continued drag of low interest rates.
The Charlotte, N.C.-based bank reported a profit of $4.23 billion, or 36 cents a share. That compares with $5.13 billion, or 45 cents a share, in the same period of 2015. Analysts polled by Thomson Reuters had expected the bank to earn 33 cents a share.
Revenue fell to $20.4 billion from $21.96 billion a year ago. Adjusted revenue was $20.6 billion. That compared with the $20.41 billion expected by analysts.
Things have been relatively calm for the bank and Chairman and CEO Brian Moynihan. Last month, it passed the Federal Reserve's stress test without incident for the first time since 2013. The crisis-era legal fees that dogged earnings have been receding for a couple years.
But now Mr. Moynihan, who has led the bank for six and a half years, is working to pivot to improving earnings, shareholder returns and the bank's stock price. That task has been made more difficult of late by long-term bond yields falling, something that hurts the bank's lending profitability and investments in mortgage securities.
Bank of America's shares have fallen 19% since the start of the year, worse than any peer bank and a steeper fall than the 8% drop in the KBW Nasdaq index of bank stocks.
My opinions are just that......my opinions. Good luck to all investors/traders.
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