Il segreto di Bank of America ($3.41 net income 2Q09)
Riporto alcuni dati su Bofa direttamente dalla sezione Investor della banca (la trovate nella sua forma completa qui). Come al solito la semplice lettura delle voci fatturato e utile non riflette la vera situazione dell’azienda (e del settore in generale). Contrariamente alle apparenze dunque, non possiamo tirare alcun sospiro di sollievo…
Credit Quality
Credit quality deteriorated further as the economic environment weakened. Consumers remained under significant stress as unemployment and underemployment increased and individuals spent longer periods without work. These conditions led to higher losses in almost all consumer portfolios compared with the prior quarter. Declining home values and reduced spending by consumers and businesses negatively impacted the commercial portfolios resulting in broad-based increases in criticized and nonperforming loans. Commercial loan losses rose from the prior quarter as commercial domestic and small business portfolios were impacted in sectors dependent on discretionary consumer spending. Losses in the commercial real estate portfolio also increased.
Countrywide Financial, which Bank of America formally acquired on July 1, reported a net loss of $2.33 billion in the second quarter. That included just under $4 billion in losses tied to mortgages, home equity and other loans. But investors fear that those losses could spiral higher, and Bank of America could face billions in costs from protracted legal battles.The provision for credit losses was $13.4 billion, flat with the first quarter. Credit losses were higher than the prior quarter and reserves, which were increased by $4.7 billion, were added across most consumer portfolios and the commercial portfolio reflecting the impact of the weak economy. Nonperforming assets were $31.0 billion compared with $25.6 billion at March 31, 2009, reflecting the continued deterioration in economic conditions. The 2009 coverage ratios and amounts shown in the following table include Merrill Lynch.
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Le grandi banche hanno riportato utili solo grazie ai proventi del trading che hanno compensato le pesanti perdite dovute al settore prestiti.
Banche piú piccole quali Regions, Zions, Comerica, M&T, hanno riportato invece perdite molto pesanti…non potendo contare sui trading desks delle grandi banche.
Tanto per dare 2 numeri:
Zions Bancorporation (Perdite):
For the second quarter of 2009, the company has reported a net loss of $68.85 million, compared to net earnings of $66.47 million for the second quarter of 2008.
Regions (Perdite):
Regions, which took $3.5 billion from the U.S. bailout program, has been hit particularly hard by the nation’s housing and credit crisis.
The bank set aside $912 million for credit losses, triple the year-earlier amount, while net charge-offs more than doubled to $491 million. The increase to reserves more than doubled from the first quarter.
Comerica (Forte contrazione dell’utile):
Comerica posted income of $18 million, down from $56 million a year earlier. On a per-share basis, which includes preferred-stock dividends, the company posted a loss of 10 cents, compared with year-ago earnings of 37 cents, when there were no preferred dividends to be paid to the U.S. Treasury under the Troubled Asset Relief Plan
M&T (Forte contrazione dell’utile)
Net income applicable to common shareholders of the Buffalo, New York-based lender, which counts Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) (BRKb.N) among its largest investors, fell to $40.5 million, or 36 cents per share, from $160.3 million, or $1.44, a year earlier.
Esaminando i dati di CountryWide non avevo dubbi che il sistema banca commerciale fosse in forte difficoltà. La sua analisi conferma questo.