Bank of America makes $3.2bn in Q1

by Richard Kilner

Story link: Bank of America makes $3.2bn in Q1

Bank of America Corporation has announced its financial performance results for the first quarter of 2010.

The bank made a net profit of $3.2bn, down from the $4.2bn earnt in the same quarter last year, but substantially better than the $194m loss incurred in Q4 2009.

This corresponds to earnings per diluted share of $0.28, down from $0.44 in Q1 2009 but up from a loss of $0.60 in Q4 2009.

Average retail deposits rose by $15.2bn, with revenue up 27% from Q4 2009.

Chief Executive Officer and President Brian T. Moynihan has said that the firm continues to enjoy a recovery in credit, following the continual improvement in the US economy.

Moynihan reaffirmed the Bank of America’s commitment to supporting its customers, stating that helping them retain or return to financial health was beneficial to both client and bank.