The bank said on its second-quarter earnings announcement Monday that Countrywide will add profit to its bottom line in 2008. Those developments are better than expected. When BofA agreed to purchase Countrywide in January, it expected Countrywide's impact on earnings
would be "neutral.''
Overall, BofA's second-quarter earnings came in better than expected as its net income declined 41% to $3.41 billion, or 72
cents a share, from $5.76 billion, or $1.28 a share, a year earlier.
Bloomberg surveyed analysts that expected BofA to report a 54 cent average estimate earnings per share. - Gerald Magpily
Bloomberg article
Dealscape: BofA CEO says Countrywide add will translate to profits
When the storm surrounding the financial services industry clears, Bank of America Corp.'s $4 billion acquisition of mortgage lender Countrywide Financial Corp. may be looked at as one of the biggest all-time steals of deal history.
