Sorry, I'm not Patch...
Bank of America Writeoffs May Rise 10%, Analyst Says (Update2) - Bloomberg.comBy David Mildenberg
July 6 (Bloomberg) -- Bank of America Corp., the biggest U.S. lender, may report a 10 percent jump in uncollectible loans to $7.6 billion when second-quarter earnings are released this month, Credit Suisse said in a report.
Bad debts included $1.9 billion tied to home equity, and about 10.4 percent of credit-card loans will be written off, analyst Moshe Orenbuch wrote today in the report. The Charlotte, North Carolina-based bank charged off $6.9 billion in the first quarter, he said.
Bank of America, the biggest U.S. lender by assets and deposits, probably had a 32-cent-a-share profit for the quarter, including a $5.2 billion pretax gain from the sale of China Construction Bank Corp. shares, Orenbuch said. Excluding the gain and a $750 million assessment to replenish the Federal Deposit Insurance Corp.’s reserve fund, the bank probably lost 15 cents a share, he wrote.