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BoA: Low Quality Beat, Credit Metrics Weak. Poor Lateral For PPB, Aareal.

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Bank of America beat estimates but driven by (low quality) IB revenues and an improved tax charge. Credit metrics weakened, especially looking at CRE. This is a weak lateral for US regional peers, alongside PBB, Aareal and Deutsche Bank in Europe, we feel.


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Bank of America beat estimates but driven by (low quality) IB revenues and an improved tax charge. Credit metrics weakened, especially looking at CRE. This is a weak lateral for US regional peers, alongside PBB, Aareal and Deutsche Bank in Europe, we feel.


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