Bank of America follow up: BAC reports small net loss, below estimates -- stock initially traded lower but is currently ~UNCH
BAC reported a net loss of $276 million, or $0.05 per diluted share, for Q1, compared to the +$0.05 consensus and +$0.10 last year.
- Revenue, net of interest expense, on an FTE basis(A) declined 3 percent from the first quarter of 2013 to $22.8 billion. Excluding the impact of net debit valuation adjustments (DVA) in both periods, revenue was down 4 percent from the year-ago quarter to $22.7 billion.
- The results for the first quarter of 2014 include $6.0 billion in litigation expense related to the previously announced settlement with the Federal Housing Finance Agency (FHFA), and additional reserves primarily for previously disclosed legacy mortgage-related matters.