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Tag Archives: Quarterly Earnings

BofA Earnings Strong Despite Loss in Mortgage Operations

Bank of America released Wednesday its third-quarter earnings report, showing healthy growth despite an expected weakening in its mortgage banking operations. According to the earnings release, BofA took in $2.5 billion in Q3, a significant increase from the $340 million reported in the year-ago quarter. However, the bank's Consumer Real Estate Services division reported a net loss of $1.0 billion, faring even worse than last year's loss of $857 million.

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Mortgage Banking Profits Decline at BofA Despite Rising Originations

Bank of America reported a major boost in profits for the second quarter despite a drop in mortgage banking income. According to its quarterly earnings report, BofA pulled in approximately $4.0 billion in Q2, an increase of 63 percent over the $2.5 billion recorded for Q2 2012. On the origination side, the bank funded $26.8 billion in residential home loans and home equity loans, up 7 percent over the first quarter and 41 percent over the same quarter last year.

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