Bank of America Largely Beats Earnings Target

Anxious shareholders got a bit of good news Monday from Bank of America, which reported that its first-quarter net income more than tripled.

The bank said its profit rose to $4.2 billion in the first quarter, from $1.2 billion a year earlier, as it posted revenue of $36 billion. It also reported diluted earnings per share of 44 cents, compared with analysts expectations of about 4 cents a share. It added $6.4 billion to its loan-loss reserves.

“The fact that we were able to post strong, positive net income for the quarter is extremely welcome news in this environment,” Kenneth D. Lewis, the bank’s chairman and chief executive said in a statement. “It shows the power of our diversified business model as well as the ability of our associates to execute.”

Read Full Article from New York Times

- Posted: 2009-04-20 07:31:25

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