Bank of America Pulls In $4.2 Billion In Surprise Profit

April 20, 2009

New York (ChattahBox) – Wall Street has something to celebrate after Bank of America reports a $4.2 first quarter profit, an amazing increase after a serious profit loss nearly through the company into a spiral of debt.

Bank of America is one of the many banks to receive a bailout from the government as part of the economic recovery package penned under former president George W. Bush. While the increase is profitability is impressive, it is still a far cry from the $45 billion they have received from the government to keep it afloat.

It also isn’t yet clear if these profits will be sustainable over the course of future quarters. The credit crunch is continuing to greatly effect their client base, and so the bank itself, and CEO Ken Lewis has warned that the deteriorating situation still present within their own company could still prove that losses are eminent.

“We understand that we continue to face extremely difficult challenges primarily from deteriorating credit quality driven by weakness in the economy and growing unemployment,” he said in a recent press release.

Bank of America came in with severe losses last quarter of $1.21 billion. Much of their current profit is thought to be directly related with their merging with Merrill Lynch and Countrywide, taking on all assets, clients, and profits.


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