Bank Revenues in the third quarter totaled $ 26.04 billion against the analysts expected $ 27.65 billion
However, Bank of America Corp. notes "the first positive signs" in the financial sector and consumer lending, expects further stabilize earnings and possibly return to profit in the fourth quarter.
In July-September 2008, the Bank received a net profit of $ 1.2 billion, or $ 0.15 per share.
A significant amount of the loss in the third quarter of this year related to consumer defaults on loans and the continued weakness of the U.S. economy.
Analysts expected a net loss BofA per share at $ 0.12 per share.
This is the last quarterly report, which is published in the Bank of America CEO Kenneth Lewis - a top manager resigned on 31 December, as regulators and shareholders sharply criticized his actions during the absorption of Merill Lynch.
The loss of Bank of America could be more, but this did not happen thanks to Merrill Lynch profits from trading bonds, stocks and foreign exchange. Loss of BofA mortgage-related loans and credit cards.
Bank of America increased its reserves for future losses on bad loans with $ 2.1 mrld, said in its press release.
Capital adequacy ratio of the first order rose to 12.46%.
On the net loss per share impact huge dividends on preferred shares of the bank: $ 1.2 billion, including $ 893 million of dividends on the shares owned by the U.S. government.
In January-September, the bank received net income of $ 6.5 billion, or $ 0.39 per share after payment of preferred dividends, compared with $ 5.8 billion, or $ 1.09 per share, for the same period last year.
According to Lewis, the negative factors in the third quarter were largely non-recurring, and excluding these articles, the bank maintains sales stability.
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