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BoA and Citigroup shares fall on results

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by Kay Mitchell
BoA and Citigroup shares fall on results

Shares in US banking giants, Bank of America (BoA) and Citigroup, fell on Friday after both banks reported their second quarter profits.

Firstly, Bank of America said net income fell to $3.1 billion in the second quarter from $3.2 billion in the same period a year earlier, while revenue was down 11% to $29.15 billion from a year earlier.

The bank, which is based in Charlotte, North Carolina, said loans fell 2% from the first quarter to $956.2 billion and bank executives’ highlighted that credit demand was still weak.

Meanwhile, Citigroup said second quarter net income was $2.73 billion, down from $4.39 billion in the same period a year ago.

Citigroup, which is the country’s third largest bank, said loans fell 4% to $646 billion.

Following the results, shares in both banks were down with Bank of America losing 8.3% – the most in over a year, while Citigroup was down 3.7%.

The results came just a day after fellow US bank JPMorgan reported better-than-expected second quarter profits – due to better credit conditions.

The bank reported net income of $4.8 billion (£3.1 billion) – a 75% increase on the $2.7 billion reported in the same period a year ago.

Wells Fargo & Co is due to report its second quarter results on Wednesday.

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News posted: July 18, 2010

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