Boston, MA 07/19/2013 (wallstreetpr) – The efforts of the financial giant to cut down the costs of operations and to clean up the struggles in the mortgage business of the company, had enabled Bank of America Corp (NYSE:BAC) to present huge jumps in profits by 63% for the second quarter of this fiscal year. The Charlotte, N.C. based bank holding company had announced that it had earned revenues of $22.7 billion for this quarter, which was observed to be an increase of 3.5% over the previous year. The net income for the Bank of America was reported to be at $4 billion or 32 cents per share, which was higher compared to the earnings of $2.5 billion or at 19 cents per share for the same quarter of the previous year. The data compiled by Thomson Reuters had presented the consensus estimates of earnings per share for the company at 25 cents per share.
The Chief Executive Officer of BAC had commented that the banks of the company had been effective at serving all the needs of its customer groups through its diversified services and strong momentum. However, the real estate services segment of the bank holding company had reported a huge loss of $937 million for this quarter.
Shares of Bank of America Corp (NYSE:BAC) had moved on to gain 3.14% on Thursday and thereby closed at $14.76 per share for the day. The company had recorded intraday price fluctuations moving from as low as $14.40 to as high as $14.85 on the day. The 52 week low for the stock is at $6.90 and 52 week high is at $14.85 per share.
The company holds 10.74 billion shares and 59% of institutional ownership with a market cap of $158.57 billion. On Thursday, there had been a trading volume of 221.80 million shares of the company while the average is at 119.05 million shares per day.
