BofA had 'worst' quarter of peer group, KBW says

Bank of America had the "worst" third quarter in its peer group, analysts with investment firm Keefe, Bruyette & Woods say.

The bank reported earnings of 56 cents per share, but the figure was marked by a number of one-time events. KBW says when you cut through those, the earnings figure was more like 6 cents per share, according to a "best and worst" report it released Monday.

Bank of America's report also included an annualized decrease in revenue of 20 percent and increase in expenses of 6 percent, KBW says. The bank's net interest margin, or difference between what it pays to borrow and what it earns on its investments, decreased year over year.

The "best quarter" distinction went to JP Morgan Chase, which was "the best of the bad bunch" in an overall disappointing quarter, KBW's analysts said. That bank, which earned $1.02 per share, earned less in its capital markets business. But it also was able to post a return on tangible common equity much higher than its peers, KBW said.

Morgan Stanley was said to have had the best investment banking quarter, with smaller declines then its peers. It also was said to have the "best risk disclosure," laying out what exposure it has to Europe.

Goldman Sachs got the best trading quarter with strong quarter-to-quarter growth.

Bank of America's peer group, known as "universal banks," also includes Citigroup.