Bank of America Corp. (NYSE: BAC) said that its net income increased to $2.83 billion during the first quarter, up from $2.81 billion during the same quarter a year ago.
“With each day that passes, the 2010 story appears to be one of continuing credit recovery, and our results reflect a gradually improving economy,” said chief executive Brian Moynihan in the earnings announcement.
Five of Bank of America’s six major business units were profitable during the first quarter, however the consumer credit problems which resulted in significant banking losses during the second half of last year are still effecting the North Carolina-based bank’s bottom line.
Like competitor JPMorgan Chase, which beat earnings expectations last Wednesday with a $3.3 billion profit, Bank of America also benefited from strong investment banking revenue.
Bank of America’s global banking and markets division reported net income of $3.2-billion, up $709-million from a year ago and had record sales and trading revenue.
The bank ended the first quarter with a total of $2.3-trillion in assets and $976-billion in loans and leases.
