damit fällt wohl auch der 3. potenzielle Kreditgeber aus, nach JP Morgan und Citigroup?
UPDATE 2-BofA net profit slumps on $2.9 bln tax charge, adjusted income beats
(Adds details about operating segments, share movement)
By Sweta Singh and Elizabeth Dilts
Jan 17 (Reuters) - Bank of America Corp's net profit
nearly halved compared with a year earlier as it booked a $2.9
billion charge stemming from the new federal tax law although it
beat analysts' estimates when adjusted for the charge.
The lender joined other large U.S banks, including JPMorgan
Chase & Co and Citigroup Inc , in reporting
multi-billion dollar charges because the new law requires them
to reassess their deferred tax assets and pay tax on profits
kept abroad. [nL3N1PB46F]
Excluding the tax charge, Bank of America earned $5.3
billion, or 47 cents per share. According to Thomson Reuters
I/B/E/S, excluding the tax charge and another item, the company
earned 48 cents per share, topping analysts' estimate of 44
cents. [nEMNI1A0RY]
Revenue rose at three of the lender's four businesses,
pushing total revenue up about 2 percent to $20.69 billion.
Like its rivals, Bank of America's trading revenue fell
compared with a year earlier when investors actively changed
positions around the U.S. presidential elections. At Bank of
America, adjusted trading revenue fell 9 percent from this
quarter last year.
Fourth-quarter results were also hit by a $292 million
charge for single-name loss, which a source familiar with the
situation said was related to troubled South African furniture
retailer Steinhoff International .
The company's woes have rippled through Wall Street with
Citigroup and JPMorgan booking losses of $130 million and $143
million, respectively, and more pain is expected when the
European banks start reporting results in the coming weeks.
Bank of America's net interest income rose 11.4 percent to
$11.46 billion as three rate hikes in 2017 helped it charge more
on its loan.
The lender's large stock of deposits and rate-sensitive
mortgage securities make the lender particularly responsive to a
rise in interest rates.
Non-interest expenses fell 1 percent to $13.27 billion as
the lender kept a tight leash on costs.
Net income, which includes the tax charge, fell to $2.37
billion, or 20 cents per share, in the quarter ended Dec. 31
from $4.54 billion, or 39 cents per share, in the year earlier
period.
Bank of America's shares were up 0.4 percent at $31.35 in
light premarket trading.
(Reporting by Sweta Singh in Bengaluru and Elizabeth Dilts in
New York; Editing by Saumyadeb Chakrabarty)
((sweta.singh@thomsonreuters.com ; within U.S. +1 646 223 8780,
outside U.S +91 80 6749 6125; Reuters Messaging: Reuters
Messaging: sweta.singh.thomsonreuters.com@reuters.net))
Keywords: BANK OF AMERICA RESULTS/
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