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שורה 1: |
| − | Bank of America has reported a $2bn (�1.2bn) profit for the three months to the end of 2011, compared with a $1.2bn loss in the same period in 2010.
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| − | It signals continued recovery for the US' second biggest lender.
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| − | For the full year, the company reported net profits of $1.4bn compared with a net loss of $2.2bn in 2010.
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| − | Meanwhile Morgan Stanley, the world's largest broker, reported a fourth-quarter loss of $250m compared with a profit of $836m a year earlier.
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| − | Despite the loss, the results at Morgan Stanley beat analysts' expectations since it was able to increase its share of the equity trading market in the period.
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| − | For the full year, Morgan Stanley said its net revenues were $32.4bn compared with $31.4bn in 2010.
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| − | Recent results from American banks have been mixed with Goldman Sachs announcing on Wednesday that it made 47% less in profits than in 2010 whilst Citigroup posted a 6% rise on the previous year.
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| − | Bank of America chief executive Brian Moynihan said: "We enter 2012 stronger and more efficient after two years of simplifying and streamlining our company."
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| − | "Reflecting a gradually improving economy," continued Mr Moynihan, "we saw solid business activity by companies of all sizes, with commercial and industrial loan balances rising."
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| − | Bank of America was one of the worst performers on Dow Jones Industrial Average index of leading companies in 2011, losing 58% of its share value over the year.
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| − | The lender has been hit by lingering concerns about bad mortgage loans on its books in the wake of the 2008 sub-prime crisis when it was bailed out by the US government.
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| − | The bank has been building up its reserves, known as Tier 1 capital, to protect itself against the risk of further bad loans.
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| − | "Our fourth-quarter results reflect the aggressive steps we have been taking to strengthen the balance sheet and position the company for long-term growth," said chief financial officer Bruce Thompson in a statement.
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| − | "During the quarter, we significantly increased capital and liquidity. For 2012, our focus is to continue to build capital and liquidity and manage expenses."
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