Il segreto di Bank of America ($3.41 net income 2Q09)
Riporto alcuni dati su Bofa direttamente dalla sezione Investor della banca (la trovate nella sua forma completa qui). Come al solito la semplice lettura delle voci fatturato e utile non riflette la vera situazione dell’azienda (e del settore in generale). Contrariamente alle apparenze dunque, non possiamo tirare alcun sospiro di sollievo…
Credit Quality
Credit quality deteriorated further as the economic environment weakened. Consumers remained under significant stress as unemployment and underemployment increased and individuals spent longer periods without work. These conditions led to higher losses in almost all consumer portfolios compared with the prior quarter. Declining home values and reduced spending by consumers and businesses negatively impacted the commercial portfolios resulting in broad-based increases in criticized and nonperforming loans. Commercial loan losses rose from the prior quarter as commercial domestic and small business portfolios were impacted in sectors dependent on discretionary consumer spending. Losses in the commercial real estate portfolio also increased.
Countrywide Financial, which Bank of America formally acquired on July 1, reported a net loss of $2.33 billion in the second quarter. That included just under $4 billion in losses tied to mortgages, home equity and other loans. But investors fear that those losses could spiral higher, and Bank of America could face billions in costs from protracted legal battles.
