Vladimír Urbánek (Kurzy.cz)
World markets  |  January 17, 2013 14:08:58

Profit Bank of America declined in Q4, but exceeded market expectations


American Bank of America, which is number two in the local banking market by volume property for 4Q of last year showed a decline in net profit to 732 mill.USD = 3 cents per share, compared with last year's 1.99 mld.USD or 15 cents per share. Excluding one-time items gross profit reached 29 cents per share, beating market expectations set in this matter for 20 cents.
Total revenue declined by 25% to 18.7 mld.USD.

Gross profit from retail and corporate banking increased in Q4 by 15% to 1.4 mld.USD.

For the full year 2012 the Bank recorded a revenue decline of 10 billion to 83.3 mld.USD. Profits for the full year last year more than doubled to 4.19 mld.USD = 25 cents per share. The outlook for 2013, the bank's management said that the starting position is strong with created space for further growth.

Since 2007 the Bank recognized a cost of around 50 mld.USD in disputes about bad loans and zabavovaných property of non-performing mortgages. Last Bank has agreed to settle its dispute with the government for Fannie Mae 11.7 mld.USD due to bad mortgages and also joined the 8.5 miliardovému settlement to disputes regarding unfair zabavovaných properties with defaults.

BoA shares in the previous year increased by 109%. Since the beginning of this year has decreased by about 1.5%.

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