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Bank of America ekes out $340 m profit

October 18, 2012

Bank of America saw Q3 earnings drop 95% to $340 m (0 cents per diluted share, the Bloomberg analyst consensus predicted a loss for the quarter) on litigation expenses ($1.6 bn) and a $1.9 bn accounting charge tied to the lender’s debt. Revenue fell to $20.66 bn from $28.7 bn a year earlier.

US Bancorp, the nation’s biggest regional lender, posted a record Q3 net profit of $1.47 bn (+16% y-o-y), or 74 cents a share (consensus: 73 cents), as mortgage-banking revenue more than doubled (total net revenue: +8% to $5.18 bn, forecast: $5.14 bn).

BNY Mellon, the world’s largest custody bank, generated Q3 net income of $720 m (+11%), or 61 cents per share (median estimate: 54 cents) and $3.68 bn in revenue (-0.5%, consensus: $3.6 bn) as the bank increased its assets under management and set aside less money for loan losses.