Bank of America in the black for 1Q

Bank of America (NYSE: BAC) posted net income of $3.2 billion in the first quarter of 2010, a turnaround from the $194 million loss posted in the previous quarter.
 
The net income figure was down from $4.2 billion a year earlier.

The nation's largest bank had earnings of 28 cents per diluted share, up from a loss of 60 cents per share in the fourth quarter of 2009 but down from 44 cents per share earned in first-quarter 2009.

The improvement in earnings from the previous quarter was attributed to both a decrease in provisions for credit losses, which dropped by $3.6 billion from the same period a year earlier, and strong capital market activity worldwide.

"With each day that passes, the 2010 story appears to be one of continuing credit recovery, and our results reflect a gradually improving economy," President and CEO Brian T. Moynihan said in the earnings release.

Net interest income for the first quarter totaled $13.7 billion, up from $12.5 billion a year earlier, while noninterest income dropped to $18.2 billion from $23.2 billion in first-quarter 2009.

As of March 31, the bank had total assets of $2.5 trillion, including total deposits of $981 billion, and total loans and leases of $992 billion. Shares of company stock closed Tuesday at $18.61, compared to a 52-week range of $7–$19.86.[[In-content Ad]]