Today was another big day for corporate earnings. Bank of America (BAC) became the latest big bank to say things went well during the second quarter.
For Q2, BAC earned $3.2 billion or 33 cents a share. That’s a big drop from last year’s Q2 total of 72 cents a share, but this time around Bank of America had to pay Uncle Sam over $700 million in TARP dividends. Wall Street was expecting earnings of 28 cents a share.
Citigroup (C) stunned most everyone by reporting earnings of $4.3 billion for the second quarter. Analysts on Wall Street were expecting a loss of 37 cents a share. Instead, Citi posted a 49-cent per-share profit. Still, I wouldn’t get too excited. Shares of Citigroup fell slightly and are currently around $3.