Bank of America reports $6.2 billion profit for 3rd quarter

Bank of America reports $6.2 billion profit for 3rd quarter

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by NewsChannel 36 Staff and Associated Press

WCNC.com

Posted on October 18, 2011 at 9:04 AM

Updated Tuesday, Oct 18 at 4:42 PM

CHARLOTTE, N.C. -- Bank of America released its third quarter profit of $6.2 billion income Tuesday morning. 

Analysts expected a return to profitability for Bank of America, after losses in three of the last four quarters, when it released its numbers.

The last quarter's earnings report was the worst ever for Bank of America, which posted a $9.1 billion net loss attributable to common shareholders.

Bank of America's income got a boost from accounting gains of $4.5 billion and $1.7 billion, both related to drops in the value of its debt.

Bank of America gained $3.6 billion from selling its stake in China Construction Bank and recorded a loss in its private equity business of $2.2 billion.

Bank of America Corp.'s stock fell 2 percent to $5.91 in pre-market trading Tuesday.


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