Bank of America has just reported about a major increase in its quarterly income. In particular, the bank saw its income increase by as much as 400% in Q1 2013, thereby reaching $2,62bn or $0,2 per share.
A year ago, in Q1 2012, the bank got less considerable income due to considerable write-downs equal to $4,8bn.
At the same time, Bank of America’s quarterly proceeds boosted from $22,49bn up to $23,7bn. However, experts had anticipated much stronger financial performance in Q1 2013.
The head of Bank of America, who came in office in 2010, sold out the banks’ assets, thereby allocating $60bn. At this point, the bank is planning to curtail annual expenditures by as much as $8bn, thereby ensuring stable income.
The bank announced about its decision to buy back $5bn in shares. This caused a decline, in the market of its stock.
The chart below, courtesy of , reflects the current state of affairs in the market of BAC:
