Bank of America bad-loan provisions at 2007 level

Bank of America said Thursday that it has allocated less money to cover bad loans during the first three months of the year than it has since before the financial crisis in 2008.Since Bank of America serves about half of the country's households, the results can be seen as a statement about the progress Americans have made in managing their household finances, saving more and paying back debt.The bank said it put $ 2.4 billion for bad loans, down from $ 3.8 billion in the same quarter a year ago and the lowest since the third quarter of 2007, a year before the financial crisis.It earned $ 653 million in the first quarter, down 68 percent from last year. The profits were hurt by a $ 4.8 billion accounting charge that the bank had to take because the value of its debt rose.Like the U.S. households, is Bank of America has been to cut costs and pay back debt. CEO Brian Moynihan has been on a mission to simplify the behemoth bank."Our strategy pays off,'' he said Thursday.Revenue fell 17 percent to 22.5 billion kroner. Analysts expected $ 22.8 billion. The stock fell 15 cents to $ 8.77.Investors seemed pleased that there were no big hits to key parts of Bank of America business. Last year, the bank took a $ 8.5 billion charge for a mortgage settlement with investors, and in 2010 the bank wrote down $ 10.5 billion in its credit card division because of losses associated with new regulation.Bank of America has had some bruising few years. It took 45 billion dollars in government bailouts during the financial crisis and has suffered deep losses since the mortgage-related losses and settlements.Not all investors think a comeback is complete. Matt McCormick, a portfolio manager and banking analyst at money manager Bahl & Gaynor, points out that first quarter profit pales in comparison with 72 percent gain in Bank of America shares."The story is that Bank of America has steadily improved, but there are still underlying weaknesses,'' said McCormick.The mortgage hangover continues in the bank. It is still losing money in its mortgage business and buy back soured loans from the government. Losses were narrow in the quarter to 1.1 billion dollars from 2.4 billion dollars.Income from real estate rose slightly, to 2.7 billion dollars and the bank said it refinanced loans.The homes were a major driver of earnings at Bank of Americas rivals Wells Fargo and JPMorgan Chase in the first quarter as the housing market begins to recover.Mortgage rates hit a historic low in February, and job growth has mostly improved in recent months. The government also expanded a program that helps Americans with troubled home loans to refinance.Bank of America did not get much pop from the mortgage because it stopped writing mortgages for third-party lenders in the fourth quarter last year. Glenn Schorr, banking analyst at brokerage firm Nomura, noted that the bank has issued 73 percent fewer loans in the first quarter.Bank of America income from its banking customers decreased $ 587,000,000 to 1,500,000,000 $. The collected less in fees from the stores that processes debit card transactions because of new rules that limit these fees.Bank revenues from investment banking was flat at $ 1.6 billion over the same period last year. The company bounced back from fourth quarter with a 11 percent increase.In the last two quarters, sales and trading has been light because of turbulence in the markets, but Bank of America's fourth quarter results were worse than its peers.


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