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BofA Profit, Revenue Soar Past Forecasts
CNBC.com * April 16, 2010 * 07:15 AM EDT
Bank of America more than tripled earnings expectations Friday, thanks to strength in its capital markets business, pushing shares up in before-hours trading.
BofA [ BAC*19.48* +0.08 (+0.41%) ] reported a profit of 28 cents a share for the first quarter, down from 44 cents a share in the same quarter a year ago, but well ahead of the 9 cents a share analysts surveyed by ThomsonReuters predicted.
Bank of America's total net income was $3.2 billion during the quarter, reversing a loss of $194 million in the fourth quarter but lower than $4.2 billion* a year earlier.
Revenue fell 11 percent from the same quarter a year ago to $32.3 billion but beat estimates of $27.97 billion by the average of 19 analysts polled by ThomsonReuters.
"This is a report that I would say looks very similar in nature to what we saw two days ago from JPMorgan," Ed Najarian, an analyst at ISI, told CNBC.
"I would say credit is turning," Najarian added.
CNBC.com * April 16, 2010 * 07:15 AM EDT
Bank of America more than tripled earnings expectations Friday, thanks to strength in its capital markets business, pushing shares up in before-hours trading.
BofA [ BAC*19.48* +0.08 (+0.41%) ] reported a profit of 28 cents a share for the first quarter, down from 44 cents a share in the same quarter a year ago, but well ahead of the 9 cents a share analysts surveyed by ThomsonReuters predicted.
Bank of America's total net income was $3.2 billion during the quarter, reversing a loss of $194 million in the fourth quarter but lower than $4.2 billion* a year earlier.
Revenue fell 11 percent from the same quarter a year ago to $32.3 billion but beat estimates of $27.97 billion by the average of 19 analysts polled by ThomsonReuters.
"This is a report that I would say looks very similar in nature to what we saw two days ago from JPMorgan," Ed Najarian, an analyst at ISI, told CNBC.
"I would say credit is turning," Najarian added.
