Bank Of America Profit Down, But Tops Forecasts

By: Associated Press
By: Associated Press

CHARLOTTE, N.C. (AP) - Bank of America has become the latest in
a string of big banks whose second-quarter earnings, while hurting
from the impact of the credit crisis, still managed to beat Wall
Street expectations.
The nation's second-largest bank by assets says its profit fell
41 percent from a year earlier. Losses in its struggling mortgage
operations were offset by business in other parts of the company.
Even so, it easily beat Wall Street estimates, and shares were
solidly higher at midday.
Four of the nation's five biggest banks have now reported
better-than-estimated results, sparking a rally in most financial
stocks last week that continued into recent trading. JPMorgan Chase
and Wells Fargo reported smaller-than-expected profit declines,
while Citigroup had a milder-than-expected 2.5 billion dollar loss.

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