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Bank of America posts 2Q profit, surpasses Street
Published in Saudi Press Agency on 17 - 07 - 2009


Bank of America joined
other big banks in reporting a big second-quarter profit
even as losses from failed loans continued to rise, AP reported.
Bank of America said Friday its earnings after payment of
preferred dividends fell to $2.42 billion, or 33 cents per
share, compared with a profit of $3.22 billion, or 72 cents
per share, in the year ago period.
The earnings beat Wall Street forecasts. Analysts expected
profit of 28 cents per share. Their revenue forecast,
however, was slightly ahead of Bank of America's actual
revenue of $33.1 billion.
Despite the higher earnings, Bank of America's shares fell
nearly 3 percent in premarket trading Friday. The overall
stock market appeared headed for a pullback after a huge
rally this week.
Bank of America said its results also reflected a gain
from selling part of its stake in China Construction Bank
Corp. They also included $713 million of dividend payments
tied to a federal bailout, and a charge to bolster a
federal deposit insurance fund.
Bank of America, like Goldman Sachs Group Inc. and
JPMorgan Chase & Co., said it had a handsome profit from
its trading business. The company acquired Merrill Lynch &
Co. this year.
But, like JPMorgan, it did report continuing losses from
failed loans. Bank of America said it recorded a $13.4
billion provision for loan losses during the second quarter
as consumers struggled with debt amid rising unemployment.
The company also said its mortgage revenue rose following
its acquisition of lender Countrywide Financial Corp.,
reflecting the refinancing boom triggered by lower mortgage
rates.


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