April, 17, 2010

Bank of America said Friday its first-quarter earnings rose 0.7 percent to $2.83 billion as strong trading revenue helped the bank offset continuing losses on consumer loans.The bank reported a $2.1 billion loss in its home mortgage business, but said its other consumer loan businesses were showing signs of healing.Bank of America's results after payment of preferred stock dividends are up slightly from $2.81 billion a year ago.

They surpassed expectations and provided further evidence that the banking industry and the economy are recovering. BoA earned 28 cents per share after paying preferred dividends. General Electric Co. reported a 32 percent drop in its first-quarter earnings, but the industrial and financial bellwether said it saw signs of improvement in its own results and the broader economy.We saw encouraging economic signs,'' said CEO Jeffrey Immelt, pointing to increased airline traffic and freight loads, less bad debt and more local advertising growth.

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