BofA earnings are out.
The stock is flat.
We’re reading through it now.
At first blush, it looks like revenue of 26.88 billion came in just ahead of expectations.
And yet earnings of $.17 are well behind analyst expectations of $.27.
On CNBC, CEO Brian Moynihan is claiming that the only reason they haven’t been able to hike their dvidend yet is that the submissions process (to regulators) is complicated, and the company has a lot of integration to do.
A couple interesting datapoints:
- U.S. credit card performance metrics continued to improve in the first quarter, with 30+ day delinquency rates near all-time lows, net losses declining for the sixth straight quarter, and customer payment rates improving for the seventh straight quarter.
- The provision for credit losses declined 61 per cent from the year-ago quarter as net charge-offs fell for the fourth consecutive quarter, reflecting improved credit quality across most consumer and commercial portfolios.