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July 21, 2008
Offsetting "market disruptions," Bank of America buoyed by service charge income
From today's earnings announcement from Bank of America:
Kenneth D. Lewis, chairman and chief executive officer, said: "Outside of real estate-related products, our operating results were quite good [...] Record quarterly net revenue of $20.32 billion was driven by an expanded net interest yield, loan growth and higher income from service charges, mortgage banking and investment and brokerage services [...] Elsewhere in the release, BofA referred to those real-estate products as affected by "market disruptions."
From Earnings Fall 44% at Bank of America by Eric Dash on the New York Times website:
Bank of America, the country's largest retail bank, said on Monday that its second-quarter earnings fell 44 percent as real estate-related losses overwhelmed record revenue across its businesses. The bank said that higher income from higher lending margins and fees from its consumer banking operations along with stronger investment banking results helped it muscle through a challenging economy. Among the lucrative retail fees BofA mentions as helping keep the bad news smaller than it might have been are debit card fees. The release also prominently promotes successes in Mobile Banking: The service allows customers to check balances, pay bills, transfer funds, view posted and pending transactions and locate banking centers and ATMs, accompanied by maps and directions.
Posted by Ed Mierzwinski at July 21, 2008 03:12 PM
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