Bank of America turns $4.2B 1Q profit

Charlotte, N.C.-based Bank of America Corp. on Monday reported a first-quarter profit of $4.2 billion, a marked turnaround from a $1.8 billion loss in the fourth quarter.

The first-period net income also was up from $1.2 billion reported in first-quarter 2008.

Diluted earnings per share were 44 cents after preferred dividends, which included $402 million paid to the U.S. government through the Capital Purchase Program.

The bank's provision for credit losses for the quarter was $13.4 billion, up from $8.5 billion in the fourth quarter. That included a $6.4 billion net increase in the allowance for loan and lease losses.

Nonperforming assets were $25.7 billion, compared to $18.2 billion at the end of 2008 and $7.8 billion a year ago.

Credit extended during the quarter totaled $183.1 billion, compared to $180.8 billion in the fourth quarter.

Company shares (NYSE: BAC) closed Monday at $8.02, compared to a 52-week range of $2.53 to $40.65.