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Press Release :: Bank of America

Logo Bank of AmericaBank of America Corporation reported a third-quarter 2009 net loss of $1.0 billion. After deducting preferred dividends of $1.2 billion, including $893 million related to dividends paid to the U.S. government, the diluted loss per share was $0.26.

Those results compared with net income of $1.2 billion, or diluted earnings per share of $0.15, during the year-ago period. Through the first nine months of the year, the company had net income of $6.5 billion, or $0.39 per share after preferred dividends, compared with $5.8 billion, or $1.09 per share a year earlier.

Results were negatively impacted by continued weakness in the U.S. and global economies and stress on the consumer, which continues to result in high credit costs. Earnings in the quarter were affected by $2.6 billion in pretax mark-to-market and credit valuation adjustments on certain liabilities, including the Merrill Lynch structured notes, and a $402 million pretax charge to pay the U.S. government to terminate its asset guarantee term sheet. Despite the loss in the period, the company strengthened its reserves, capital position and liquidity through efficient balance sheet and capital management.

"The company's core performance was impacted by a number of non-core items," said Chief Executive Officer and President Kenneth D. Lewis. "The market's improved view of Bank of America's credit cost the company due to non-cash marks on liabilities.

"Excluding those items, our revenue continued to hold up well," Lewis said. "Obviously, credit costs remain high, and that is our major financial challenge going forward. However, we are heartened by early positive signs, such as the leveling of delinquencies among our credit card customers."

Source: Bank of America
Date: 21.10.2009
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