Commentator: Bank of America earnings too optimistic?
According to one contributor to Seeking Alpha, Bank of America (BAC) was a little too optimistic about its earnings. Excluding special charges, the bank's net revenue dropped from $22.5 billion to $22.2 billion year-over-year in 3Q. One Seeking Alpha writer attempts to sum up the bank's current status:
In terms of traditional banking, the good news for Bank of America was that the net interest margin was up, year-over-year from 2.32% to 2.44%. This was not much of an increase, but it was the only increase in net interest margin registered by the big four commercial banks.
There was also some indication that Bank of America saw some pickup in the volume of its banking business, again showing some strength relative to that of the other three larger banks.