Bank of America Ekes Out a Profit of $340 Million

Bank of America reported a slim quarterly profit on Wednesday, a small success for the bank after doling out huge payments to settle claims it misled investors about its takeover of Merrill Lynch during the financial crisis.

The bank reported $340 million in net income, a 95 percent drop from the $6.23 billion profit it posted in the period a year earlier. The results amounted to zero cents per diluted share, compared with 56 cents last year.

The bank’s revenue also dropped 28 percent, to $20.6 billion. The top and bottom line figures reinforced concerns that Bank of America, the nation’s second-largest by assets after JPMorgan Chase, had struggled to shed the legacy of the 2008 crisis.

Read Full Article from New York Times

- Posted: 2012-10-17 13:16:12

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