The Bank of America has reported a net income of $3.2 billion for the first quarter of 2010. This compares to a $194m loss for the previous quarter but compared to the same period 12 months ago, profits are down 24%.
The latest results have been driven by record trading activity and sales in the bank’s capital markets division plus though Merrill Lynch, an acquisition.
Less money was being reserved for losses on bad loans, according to the trading statement. The news was well received by the markets. European banks with large capital markets businesses rallied. Barclays jumped 1.35% and Credit Suisse jumped 1.3%.
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