Citi Reports 1Q11 Early Read On Bank Of America

According to Citi, Bank of America BAC gave a 1Q11 early read. Citi reported that 1Q Results came in $0.04 below estimate due to higher “one timers” as weaker than expected PTPP was fully offset by better credit quality. “Reported EPS of $0.17 vs. our est of $0.21 and cons of $0.27. The $0.04 miss vs our estimate was driven by: 1) $0.06 from lower core PTPP ($900 million lower mostly due to weaker top line in a combination of the card, investment banking, and mortgage trends) plus 2) $0.04 more than expected “one-timers”, offset by 3) $0.06 from better than expected provision.” Bank of America closed yesterday at $13.13.