CHARLOTTE, North Carolina – Bank of America Corp. said Friday it earned its first profit in three quarters during the first three months of this year.
Bank of America posted a profit of $3.2 billion, or 28 cents a share, in the three months ended March 31, compared with a profit of $4.3 billion, or 44 cents a share, a year earlier. Revenue fell 11 percent to $31.97 billion.
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The bank said its earnings were boosted by profits from investment banking at Merrill Lynch & Co., which it acquired during the financial crisis, and retail investors. The bank also said its losses from credit cards decreased during the quarter.
“With each day that passes, the 2010 story appears to be one of continuing credit recovery, and our results reflect a gradually improving economy,” CEO and President Brian T. Moynihan said in a statement. “Our customers – individuals, companies and institutional investors – increasingly see the value of our integrated capabilities. We also are seeing ample indications that those integrated capabilities hold promise for long-term shareholder value.”
Additional information is available at bankofamerica.com.
