Bank of America ci ricorda che la crisi non è finita

Citando la notizia di Bloomberg:

Oct. 16 (Bloomberg) — Bank of America Corp., the biggest U.S. lender, posted its second quarterly loss in less than a year, unable to shake off effects of the economic slump that led to two U.S. bailouts.

The $1 billion third-quarter loss, or 26 cents per diluted share, compared with a profit of $1.18 billion, or 15 cents, a year earlier, the Charlotte, North Carolina-based bank said today in a statement. That exceeded the average estimate of 24 analysts surveyed by Bloomberg for a loss of 12 cents a share, and the shares fell 2.8 percent in early New York trading. The bank said it set aside less money to cover future loan losses.

The quarterly report will be the last supervised by Chief Executive Officer Kenneth Lewis, 62, who retires Dec. 31 after regulators and shareholders criticized his pursuit of Merrill Lynch & Co. The bank reported a fourth-quarter loss for 2008, its first in 17 years, and Lewis is trying to lead a rebound while fending off state and federal probes of the Merrill deal. He agreed yesterday to give up his 2009 salary and bonus.

The idea that the financial crisis is over is a fantasy and it looks like the numbers bear that out,” said Harvard University professor Niall Ferguson on Bloomberg Television. “It’s clearly not over for Bank of America.”

Results were aided by profit from Merrill Lynch, with gains from trading bonds, stocks and currencies. Losses on home lending and insurance widened to $1.6 billion from $724 million, and the loss on credit cards expanded to $1.04 billion from $167 million.

Reserve Levels

The bank added $11.7 billion to its reserve for future loan losses, $1.7 billion lower than the second quarter, and $5.3 billion more than a year earlier, the statement said.

Bank of America reported total revenue increased 32 percent to $26.4 billion. The total was 13 percent lower than forecast by Chris Mutascio of Stifel Nicolaus & Co.

Revenue from credit cards, brokerage services, investment banking and mortgage banking slumped from the previous quarter, and Bank of America’s noninterest income declined by 31 percent to $14.6 billion. Those declines offset a 57 percent gain in trading account profits.
Bank of America said net write-offs of uncollectible loans rose 11 percent from the second quarter to $9.62 billion. The bank wrote off $3.2 billion of home loans, including home equity loans, during the quarter, up 10 percent from the second quarter. Charge-offs on credit cards increased 5 percent to $2.17 billion.

Traduco e sintetizzo: Bank of America, la più grande banca degli USA per impieghi (denaro prestato ai clienti) ha pubblicato un bilancio trimestrale in perdita per la seconda volta quest’anno.
Complessivamente ha dichiarato perdite per 1 mld di $, più del doppio rispetto alle aspettative degli analisti.
Questo risultato è giunto nonostante i profitti di Merril Lynch (incorporata in BofA nel pieno della crisi, il giorno del fallimento di Lehman B.) realizzati con operazioni di trading. Nel dettaglio:
le perdite da prestiti ammontano a 1,6 mld$ e le perdite da carte di credito a 1,04 mld$ (nel trimestre precedente erano 167 milioni $…) La banca ha inoltre accantonato 11,7 mld$ per le insolvenze che verranno.

Schematizzando:
attivi da trading: ______________________________________________________26,4 mld$
perdite da “credit cards, brokerage services, investment banking and mortgage banking”: 14,6 mld$
perdite da crediti inesigibili:______________________________________________ 9,62 mld$
svalutazione mutui casa:_________________________________________________ 3,2 mld$

ristorni da carte di credito:_______________________________________________ 2,17 mld$

trovo superfluo evidenziare come alcune di queste voci hanno un che di consolidato, altre di estemporaneo e non regolarmente ripetibile…

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About bimboalieno

Operatore finanziario professionale dal 1998; ha collaborato con diverse banche italiane ed estere. Si può scoprire dell'altro cliccando qui. Oggi é responsabile di un centro di Private Banking. Professional financial trader since 1998; he has worked with several Italian and foreign banks. You can learn more here. Bimboalieno is currently in charge of a Private Banking centre.