BofA profit beats expectations

on April 16 2010 7:32 AM

Bank of America Corp reported higher-than-expected first-quarter earnings on Friday, as five of the company's six major business units were profitable in the period.

Net income at the largest U.S. bank by assets increased to $2.83 billion, or 28 cents per share, from $2.81 billion, or 44 cents per share, a year earlier.

Analysts on average had forecast a profit of 9 cents per share, according Thomson Reuters I/B/E/S.

Revenue decreased 11 percent to $32.3 billion.

Bank of America shares were up 2.6 percent at $19.98 in trading before the market opened.

At Thursday's close, the shares had rise 29 percent this year, compared with a 34 percent increase in the KBW Bank Index <.BKX>.

(Reporting by Joe Rauch; Editing by Lisa Von Ahn)

More News from IBT MEDIA