welcome
chek't
morning all
Bank of America hopes for loan growth bounce after muted quarter
Bank of America Corp posted a smaller-than-expected drop in fourth-quarter profit on Tuesday and said it was hopeful of achieving growth in loans this year as the economy recovers. Loan portfolios have been quashed by the pandemic over the past year and the United States’ second-largest bank reported a 2% fall in loans and 6% fall in credit card spending for the quarter.
Underscoring its confidence in the economy, the bank joined peers JPMorgan Chase & Co and Citigroup Inc in releasing $828 million from its reserves to cover bad loans after adding more than $8 billion through the first three quarters of the year.
Roughly 75% of the reserve release is tied to the bank’s consumer portfolio as customers entered the new year in better-than-expected financial health due to fiscal stimulus. The commercial reserve release was mostly driven by a pull back from industries heavily impacted by the pandemic. Net interest income (NII) at the bank, a key measure of how much it can make from lending, tumbled 16%.
The second-largest U.S. bank by assets also reported a 13% fall in consumer banking revenue to $8.2 billion, citing a hit from lower interest rates.
Lower rates have limited how much banks can charge for their lending services at the same time fiscal stimulus programs and flagging consumer confidence have softened loan demand.
Shares of Bank of America fell 1.58% in trading before the bell.
Net income applicable to common shareholders fell to $5.21 billion, or 59 cents per share, for the quarter ended Dec. 31 from $6.75 billion, or 74 cents per share, a year earlier. Revenue from its sales and trading business rose to $3 billion from $2.8 billion a year earlier.
Net income for its global markets unit jumped 38% to $791 million. Fixed income, currencies and commodities revenue fell 5% and came in below estimates, while the 30% jump in equities trading revenue impressed Wall Street.
Separately, the second-largest U.S. bank said its board approved a $3.2 billion share repurchase program in the first quarter.
https://www.reuters.com/article/bank-of-america-results/update-4-bank-of-america-hopes-for-loan-growth-bounce-after-muted-quarter-idUSL4N2JU2MR
'cause that large of a share repurchase program should tell you all you need to know about it's "health"
peeps just do not want to see this stuff and just rely on the fin. media to tell them its all ok.
Mebby they trot cramer out like in 2008 again.
kek
SAM545 USAF G5 on descent for Savannah, GA from JBA
KOMODO4 USAF E-8 Joint STARS out of Robins se and setting up shop off Jax
2 P-8 Poseidens widening out off Space Coast
SCORE34 US Navy P-8 Poseiden on it's "track" just off-shore MD
RAF RRR6682 C-17 Globey from RAF Brize Norton sw at 34k/ft
BOXER91 USAF C-40C just north of spooksville and likely a cert flight at Newport News
>>44845
E-6's are the Naval version of the E-4B (USAF) and there are several of those and usually always have one to two up at any given time.
About 4 actively flying E-4B Nightwatch AC's
Navy has about 10-15 of the E-6B's-just guessing on that
I wonder wut other "knowledge" this one brought back at the end of internship.
>>44860
yw anon.
was not in the mil so sometimes I don't have answers when it comes to integration and specific technical details but learn something new every day.
Much better at that now though.
Too late to go now but in some ways wished I had (the entire having it controlled by a bunch of psychopaths set firmy to the side for that)
good to hear.
kek