Bank of America earns $6.2B on accounting gains
The gains came largely from the sale of a stake in a Chinese bank.
By MSN Money staff on Tue, Oct 18, 2011 7:58 AM
By PALLAVI GOGOI
Bank of America says it earned $6.2 billion in the third quarter, largely from accounting gains and the sale of a stake in a Chinese bank.
The Charlotte, N.C., bank earned 56 cents per share, following a loss of $7.3 billion, or 77 cents a share during the same quarter last year. Analysts surveyed by FactSet forecast the bank would earn 28 cents per share.
Its income got a boost from accounting gains of $4.5 billion and $1.7 billion, both related to drops in the value of its debt. Bank of America gained $3.6 billion from selling its stake in China Construction Bank and recorded a loss in its private equity business of $2.2 billion.
Bank of America Corp.'s stock fell in premarket trading Tuesday.
© 2011 The Associated Press. All rights reserved.
Bank of America says it earned $6.2 billion in the third quarter, largely from accounting gains and the sale of a stake in a Chinese bank.
The Charlotte, N.C., bank earned 56 cents per share, following a loss of $7.3 billion, or 77 cents a share during the same quarter last year. Analysts surveyed by FactSet forecast the bank would earn 28 cents per share.
Its income got a boost from accounting gains of $4.5 billion and $1.7 billion, both related to drops in the value of its debt. Bank of America gained $3.6 billion from selling its stake in China Construction Bank and recorded a loss in its private equity business of $2.2 billion.
Bank of America Corp.'s stock fell in premarket trading Tuesday.
© 2011 The Associated Press. All rights reserved.
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11Comments
5 minutes ago
8 minutes ago
"New World Order" = Worldwide Banking System (WBS).
The siege upon world banking has begun. The army of 99 has taken to the $treet and will create the changes necessary to end the Kingdoms of the WBS. These false "God's" of the global economies will face the harsh reality that their idol (money) is not enough to keep the public enslaved to their indebtedness. Money is a faith based system that is the necessary evil to barter and none the less the leading factor in the corruptness of the WBS.
The siege upon world banking has begun. The army of 99 has taken to the $treet and will create the changes necessary to end the Kingdoms of the WBS. These false "God's" of the global economies will face the harsh reality that their idol (money) is not enough to keep the public enslaved to their indebtedness. Money is a faith based system that is the necessary evil to barter and none the less the leading factor in the corruptness of the WBS.
9 minutes ago
Caveat Tyranni if you owned a building and your tenant stoped paying the rent what would you do let them stay there rent free forever? BOA makes loans to make money if someone is to stupid or to greedy to let things get over their heads then to bad. People now days have no problem walking away from their debts I think there is a moral issue here. Not to many years ago it would be an embarassment to be forclosed on. to the person and his family and friends. There are people out there who are living in houses who have not paid for them for years I sold a house to some mexicans three years ago they made payments for three months . They learned how to do the system with goverment handouts so they don't pay and the bank gets no money.
18 minutes ago
26 minutes ago
38 minutes ago
Surprise, surprise !! Should have gone down with a few more in 08. I'm sure what i had back then would have been alot more today. Oh well so is the way of things today. Should we expect any different ? Sure we should, but no change with the way the President and Congress are running things . Keep the faith, things will get better . NOT !!!!
39 minutes ago
1 hour ago
What a bunch of crap. Much of their earnings also came from federal tax evasion and everyone knows it. It's been going on since 2008. You puppets at the media can pretend all you like, but we in the real world know the truth.
Remove all money from politics. Strip all corporations of legal person-hood.
Remove all money from politics. Strip all corporations of legal person-hood.
1 hour ago
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Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Gradient Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Telekurs.
Japanese stock price data provided by Nomura Research Institute Ltd.; quotes delayed 20 minutes. Canadian fund data provided by CANNEX Financial Exchanges Ltd.
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