NEW YORK- Third quarter results released by banking giant, Bank of America showed Net income of $3.1 billion or 27 cents. This is with the exclusion of a goodwill impairment charges for $10.4 billion when including this BAC posted a loss of $7.3 billion. Allan Edwards the CEO of The Markets Are Open said "the results were impressive while interest income was essentially flat, BAC had continuing loan quality improvement." The company has increased its common equity ratio to 8.45% which is well above the minimum that will be required by Basel regulators by 2014. Basel regulators currently feel 4.5% is the minimum common equity ratio with a 2.5% buffer or 7%. Tangible book value increased to $12.91 from $12.14 in the previous quarter. Non performing loans decreased by over 1 billion dollars.
BAC stock is currently up 3 cents in the premarket or 0.24%
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