bank-of-america-fails-to-convince-with-42-billion-q1-profit

Bank of America fails to convince with $4.2 billion Q1 profit

Bank of America relies on trading gains at Merrill Lynch as loan losses mount.

Bank of America yesterday announced a return to profitability for the first quarter of 2009, but had to rely on the brokerage unit at controversially acquired Merrill Lynch for most of its gains. Meanwhile, losses on the bank's loans continue to increase, forcing it to raise provisions.

The North Carolina-based bank reported that net income attributable to ordinary shareholders more than doubled to $2.81 billion, or 44 cents per share, from $1.02 billion or 23 cents per share in the first quarter of 2008. Net revenue rose to $35.76 billion. Before payments to preference-share holders the US government, net income was $4.25 billion, compared with $1.21 billion a year earlier. The Merrill Lynch brokerage...

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