Bank of America posts Q4-2009 net loss of $194 million
20 Jan 2010
Wall Street giant Bank of America has reported a net loss of $194 million in the last three months of 2009 as against a loss of $1.8 billion in the same period a year earlier.
Including dividends on preferred stock and the one-time $4.0 billion negative impact associated with TARP repayment, loss applicable to common shareholders was $5.2 billion at $0.60 per share, as against a net loss of $2.4 billion or $0.48 per share, in the year-ago quarter.
Revenue, net of interest expense on a fully taxable-equivalent basis, was up $25.08 billion from $15.68 billion a year ago, partly reflecting Merrill Lynch addition.
The bank said it had taken steps to improve its balance sheet and added it had repaid $45 billion bail-out money it had received from the government during the financial crisis.
For the whole of 2009, the lender made a net profit of $6.3 billion, which was higher than the $4 billion profit it made in 2008.
Earlier in the week, fellow US bank JP Morgan Chase reported a $3.3 billion profit, while Citigroup posted a $7.6 billion loss in the final quarter.
Brian Moynihan, chief executive, Bank of America, said, "while it's disappointing to report a loss for the fourth quarter, there were a number of important accomplishments worth noting."
