Thread: Bank of America swings to profit; revenue up 11%, $23.74 BILLION

Jan. 19, 2012, 7:26 a.m. EST

Bank of America swings to profit; revenue up 11%

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TEL AVIV (MarketWatch) -- Bank of America Corp., /quotes/zigman/190927/quotes/nls/bac BAC +2.43% the Charlotte, N.C., banking firm, swung to a fourth-quarter profit on 11% higher revenue. Net income was $1.58 billion, or 15 cents a share, compared with a net loss of $1.57 billion, or 16 cents, in the year-earlier period. Total revenue reached $24.89 billion from $22.4 billion. A survey of analysts by FactSet Research produced a consensus estimate of 22 cents a share of profit on $23.74 billion of revenue. Within the total revenue, the revenue from interest on loans fell 14% to $10.7 billion. The provision for possible losses on bad loans fell 43% to $2.93 billion. The tier 1 capital ratio reached 9.86% from 8.6% a year earlier.

Bank of America swings to profit; revenue up 11% - MarketWatch

Looks like we are going to need more people to cancel their Bank of America accounts and credit cards and more people to move their mortgages to other lenders until this corrupt illegal alien supporting bank goes under.

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