Earnings & Sales Reports, Bank Of America | featured news

Bank of America reported a $6.2 billion profit for the third quarter as gains from assets sales and positive accounting changes outweighed weaker results in its trading business and continued losses in its huge mortgage portfolio.

Bank of America Corp. says it lost more than $2 billion in the third quarter as its loan losses continued to rise.

The bank reported that its first-quarter net income more than tripled, to $4.2 billion, largely beating analyst expectations.

Escalating credit losses drove Bank of America Corp. to report a fourth-quarter loss and slash its quarterly dividend to a penny on Friday, hours after receiving a multibillion-dollar lifeline from the federal government.