Bank of America Corp. (BOA) Profit Tumbles
Hurt by the deepening credit crisis, Bank of America Corp. said Tuesday its fourth-quarter earnings fell 95 percent, and Wachovia Corp. reported that profit tumbled 98 percent.
Net income at Bank of America, the nation's second-largest bank, dropped to $268 million, or 5 cents per share, in the three months ended Dec. 31, from $5.26 billion, or $1.16 per share, a year earlier.
The bank's revenue fell 31 percent to $12.67 billion, from $18.49 billion last year.
The results included LaSalle Bank, which Bank of America purchased on Oct. 1.
Analysts expected, on average, earnings of 18 cents per share on revenue of $13.24 billion, according to a survey by Thomson Financial. The estimates typically exclude one-time items.
Net income at Bank of America, the nation's second-largest bank, dropped to $268 million, or 5 cents per share, in the three months ended Dec. 31, from $5.26 billion, or $1.16 per share, a year earlier.
The bank's revenue fell 31 percent to $12.67 billion, from $18.49 billion last year.
The results included LaSalle Bank, which Bank of America purchased on Oct. 1.
Analysts expected, on average, earnings of 18 cents per share on revenue of $13.24 billion, according to a survey by Thomson Financial. The estimates typically exclude one-time items.
Labels: Bank of America Corp., BOA
posted by Stock Administrator @ 1:38 PM
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