BofA profits plunge but beat Street

The Charlotte, N.C.-based bank booked second-quarter net income of $3.41 billion compared to $5.76 billion in the year-ago period.
JUL 21, 2008
Bank of America Corp.’s profits dropped 41% in the second quarter, but still managed to beat analyst expectations. The Charlotte, N.C.-based bank booked second-quarter net income of $3.41 billion, or 72 cents a share, compared to $5.76 billion, or $1.28 a share, in the year-ago period, according to a statement from the bank. Analysts surveyed by Thomson Reuters had predicted a profit of $2.66 billion, or 53 cents a share. Bank of America was obliged to set aside $5.83 billion in provisions for credit losses, up from $1.81 billion a year ago, due to the plummeting residential real estate market. Total assets under management in Bank of America’s global wealth and investment management division rose to $589.4 billion by the end of the quarter compared with $566.2 billion a year earlier.

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