BoFA posts net of $3.2 b

This compares with a US$ 194 million loss in the fourth quarter, although it is 24 per cent lower than the profit in the same quarter a year ago, BofA said in a statement.

The banking entity attributed its profit to record sales and trading activity at it’s investment bank, including acquisition of Merrill Lynch. Bank of America also witnessed improvement in its credit quality as its provision for credit losses fell by US$3.6 billion from the year-ago period.