Wednesday, April 17, 2013

Swimmingly

"Bank of America BAC +2.5% recorded net income of $2.6 billion in the first quarter, significantly above last year’s $653 million, on $23.7 billion in revenue. Earnings of 20 cents per share were short of estimates.

Shares dropped 3.3% on the miss in pre-market trading, to $11.88.

The bank reported an increase in deposits and a 57% increase in mortgage originations, though mortgage banking income was down from a year ago. As a result, net income in consumer and business banking declined slightly from 2012."

So glad the banks have come out of this so swimmingly.