Narrow profit for Bank of America, beating Street

Print
Email
|

Associated Press

Posted on October 17, 2012 at 5:00 AM

Updated Wednesday, Oct 17 at 5:02 AM

NEW YORK (AP) — Bank of America says it narrowly turned a profit from July through September. That's still good enough to beat Wall Street expectations.

The bank earned $340 million in the most recent quarter, which works out to a fraction of a penny per share. Financial analysts expected an 11-cent loss, according to a poll by data provider FactSet.

Last month, Bank of America announced it would settle a legal dispute with shareholders who said the bank misled them about its purchase of Merrill Lynch, announced in 2008.

Profits were also hurt by a controversial accounting rule that cuts into banks' net income when the value of their corporate debt rises.

Without those charges, Bank of America revenue was essentially flat at $22.5 billion, beating the expected $21.9 billion.

Print
Email
|