After JP Morgan and Weels Fargo, today it's up to Bank of America lift the veil on the first quarter accounts. The second largest American bank by assets ended the period returning to profits, after the results in the previous quarters had been heavily penalized by enormous legal fees. The Charlotte, North Carolina-based banking giant has filed net income of $3,357 billion (equal to 27 cents per share) against the red of 276 million (-5 cents per share) in the same period last year. Analysts were expecting profits of 29 cents a share.
As for the turnover, net of interest expenses, fell to 21,421 billion, 1,3 billion less than the same period last year and below the 21,51 billion expected by analysts. It should be noted that the turnover generated by trading activities, excluding some accounting adjustments, decreased by 5% to 3,9 billion dollars, from 4,11 billion in the first quarter of 2014.
Le legal fees they decreased to 370 million dollars, compared to 6 billion in the first quarter of 2014. Last year the bank reached a maxi settlement with the American authorities for 16,65 billion dollars to file charges related to the mortgages. After spending over 70 billion in fines and settlements after the crisis, the bank's top management explained that the legacy of the crisis is over.
I Costs recorded by the bank fell to 15,7 billion from 22,24 billion last year. Expenses related to the division that handles outstanding mortgages fell from $1,6 billion to $277 billion, while the number of outstanding loans with payments fell from 153 to XNUMX.
