NPR logo Bank Of America Reports $6.2 Billion Profit

America

Bank Of America Reports $6.2 Billion Profit

A Bank of America logo outside a branch office in Palo Alto, Calif.
Paul Sakuma/AP
A Bank of America logo outside a branch office in Palo Alto, Calif.
Paul Sakuma/AP

Though the number is huge — $6.2 billion — this morning's third-quarter profit news from Bank of America is generating a lot of "yeah, but" analyses.

As in:

— "It booked that profit largely on selling a bunch of assets and an accounting bonus to account for the declining value of its debt." (The Wall Street Journal)

— "The quarter's results were skewed by one-time pretax gains including $4.5 billion in fair-value adjustments of structured liabilities, $3.6 billion from selling a stake in China Construction Bank Corp. and $1.7 billion tied to changes in value of the company's debt." (Bloomberg Businessweek)

— "Stripping out a litany of exceptional items, from a $3.6 billion gain due to the CCB stake sale to a $4.5 billion boost from an accounting rule that allows banks to book a profit on the falling value of their own debt, BofA's businesses produced a loss." (The Financial Times)

The bank's recent announcement of plans to charge many customers $5 a month if they make purchases with their debit cards has not gone over well with some folks, including President Obama.

We no longer support commenting on NPR.org stories, but you can find us every day on Facebook, Twitter, email, and many other platforms. Learn more or contact us.