Citi Rides EarningsInvestors continued to cheer Citigroup's first-quarter results, which were reported on Monday. The company reported first-quarter earnings of $3.81 billion, or $1.23 a share, compared to earnings of $1.2 billion, or 38 cents a share, in the fourth quarter, and $2.93 billion, or 95 cents a share, in the first quarter of 2012.
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Next Up: Bank of AmericaBank of America ( BAC) will announce its first-quarter results on Wednesday at 7:00 a.m. ET. The consensus among analysts is for the company to report first-quarter EPS of 22 cents, compared to profits of just 3 cents a share in both the fourth quarter and in the first quarter of 2012. Bank of America's fourth-quarter pretax results were nearly wiped out by $2.5 billion in costs for independent foreclosure reviews, and $2.7 billion in charges related to the company's $10.3 billion settlement of a long-term dispute with Fannie Mae ( FNMA), over mortgage repurchase claims. The silver lining from the Fannie Mae settlement will be a great reduction in the outstanding mortgage repurchase claims against Bank of America. Investors' mortgage repurchase claims against the company totaled $28.3 billion as of Dec. 31. Bank of Americas fourth-quarter earnings presentation implied that the Fannie Mae settlement would reduce the putback claims by roughly $12.2 billion, leaving about $16.1 billion in claims. With the housing market continuing to recover, investors on Friday will be looking for solid credit leverage from Bank of America, including a reduction in mortgage repurchase claims, irrespective of the Fannie Mae settlement, along with loan loss reserve releases and a decline in litigation and loan servicing expenses. Please see TheStreet's earnings preview for more on what to expect when Bank of America reports. Bank of America's shares rose 2.5% to close at $12.28. BAC data by YCharts
Interested in more on Bank of America? See TheStreet Ratings' report card for this stock. -- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email.