Bank of America Profit Unexpectedly Falls on Bankruptcies

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00025776-bank-of-america-profit-unexpectedly-falls/

By Jonathan Stempel, Reuters

Bank of America Corp., the No. 2 U.S. bank, on Monday unexpectedly reported its first profit decline in more than four years as consumer bankruptcies drove up loan losses and trading profits slid.

Net income fell 2 percent to $3.77 billion, or 93 cents per share, from $3.85 billion, or 94 cents, a year earlier.

Excluding merger and restructuring charges, profit was 94 cents per share, missing the average forecast of $1.02 from analysts polled by Reuters Estimates.

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