BofA Back in the Black
We can all now breathe a collective sigh of relief: Bank of America has returned to quarterly profit after losing almost $200 million in the last quarter of 2009. The news comes even as home foreclosure activity hit an all-time record in March. –JCL
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Bank of America (BoA) has returned to profit, reporting a net income of $3.2bn (£2.1bn) in the first three months of 2010.
This compares with a $194m loss in the previous quarter, but is 24% lower than profits of the same period a year ago.
The giant US bank said record sales and trading activity at its capital markets arm – including acquisition Merrill Lynch – had driven the latest results.
BoA said it was having to put aside less money for losses on bad loans.
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