China Construction Bank, the second biggest bank by assets in China, reported on Friday that the company has completely repurchased Bank of America Corp’s (NYSE:BAC) stake in their joint venture CCB Financial Leasing Corp, making the leasing corporation now completely owned by the Chinese lender.
The joint venture has a primary capitalization of 4.5 billion Yuan or $720 million, 24.9% of which was possessed by Bank of America.
CCB reported in a statement announced on its website on Friday that it got approval Thursday from the China Banking Regulatory Commission for the deal.
Its competitors include JPMorgan Chase & Co (NYSE:JPM) that slipped -0.32% to $41.09 with the total traded volume of 4.50 million shares and Wells Fargo & Company (NYSE:WFC) that dropped -0.39% to $33.04 with the total traded volume of 3.06 million shares.
Other Financial stocks with bullish trend include iPath S&P 500 VIX Short Term Futures TM ETN (NYSEARCA:VXX) up +1.24% to $29.45, UBS AG (USA) (NYSE:UBS) up -0.27% to $15.65 and iShares FTSE/Xinhua China 25 Index (ETF) (NYSEARCA:FXI) up +0.84% to $37.16, whereas with bearish trend include iShares Russell 2000 Index (ETF) (NYSEARCA:IWM) down -0.23% to $141.84, iShares Russell 2000 Index (ETF) (NYSEARCA:IWM) down -0.27% to $82.02 and iShares MSCI Japan Index (ETF) (NYSEARCA:EWJ) down -0.64% to $9.31.
BACle Inc. (NASDAQ:BAC) stock in current session held volume of 26.14 million shares as compare to its average volume of 151.25 million shares. The stock after opening at $9.78 hit high price of $9.87 and then trading at $9.81 by scoring -0.25%.
As the revenue measures BAC generated revenue of 58.84 billion in the following twelve months income of $3.98 billion. The Company showed a positive 6.08% in the net profit margin and in addition to in its operating margin which remained 8.27%. Company’s annual sales growth for the past five years was -3.36%.
The stock showed weekly upbeat performance of +0.61% which was maintained for the month at +7.79%. Likewise the positive performance for the quarter was recorded as +23.65% and for the year was +88.31% while the YTD performance remained at +77.44%.
The BAC past twelve months price to sales ratio was 1.80 and price to cash ratio remained 1.00. As far as the returns are concern, the BAC return on equity was recorded as 1.85% while its return on asset stayed at 0.25%.
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