Tuesday, December 20, 2011

Bank of America sold second-most nonaccrual assets in 3Q

Bank of America sold the second-most nonaccrual assets out of a group of top-tier banks in the third quarter, a new report from SNL Financial shows. But the Charlotte bank still has more nonperforming assets on its books than any other.

SNL's report says that the pace of distressed asset sales is still slowing, hampered by weak capital positions across the industry.

Bank of America sold about $615 million in nonaccruing assets in the third quarter, according to SNL data, second only to Citigroup's $1 billion. But Bank of America still had $31.6 billion in distressed assets on its books, more than any other bank in its sampling.

Wells Fargo sold $232 million in nonperforming assets in the time period, with $22 billion still on the books.