Financial Report Financial reports from the largest companies of the world

Bank of America with 1.2 billions USD loses for the 4th quarter of 2010

The biggest U.S. bank in terms of its assets Bank of America announced a loss of 1.24 billion dollars for the fourth quarter of 2010 due to increased provisions for problem loans. The removal of the division of the Bank's mortgage lending and Countrywide Financial costs led it against lawsuits also affect its financial results during the quarter. The loss of 1.24 billion dollars, or 16 cents a share, to increase the negative financial result of 194 million dollars for the same quarter of 2009. After excluding one-off income and expenses, however, Bank of America made a net profit of 4 cents a share. This proved to be less than analysts expected 21 cents per share. Revenues for the fourth quarter amounted to 22.6 billion dollars. Throughout the 2010 Bank of America has suffered a loss of 2.23 billion dollars, or 37 cents a share. The bank is really the largest in USA, but realized very good business management last years, which stabilized the financial conditions in it and whole economy and banking sector of USA.