Bank of America Posts 4Q Loss

Published by: Mike Goldman on 21st Jan 2011 | View all blogs by Mike Goldman
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Bank of America Posts 4Q Loss

The largest US bank in terms of assets, Bank of America, released its fourth-quarter results on Friday, posting a net loss of $1.2 billion for the quarter, mainly caused by declining revenue and a substantial writedown on its home loan segment.

The loss followed a $7.3 billion loss for the bank in 2010's third quarter, for the bank, which contributed to a full year loss of $2.2 billion.  The bank wrote off $12.4 billion in charges over the course of the year.

The report indicated a loss for investors of 37 cents per share for the year, after a loss of 29 cents per share in 2009.  BoA posted a $6.3 billion profit in 2009, but after making Treasury bailout repayments, the bank lost the $2.2 billion.

Excluding the $2 billion charge it wrote off in the fourth quarter, the bank actually would have profited, to the tune of $756 million, earning investors 4 cents per share.  Revenue for the banking giant dropped 1 percent in the quarter to $22.67 billion.

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