Bank of America revealed its fortunes may finally be turning around Friday, as the nation’s top bank reported first-quarter profits of $3.2 billion, easily surpassing Wall Street’s estimates.
Record trading revenues that exceeded $7 billion as well as moderating credit costs across a number of the company’s consumer-related businesses powered the bank’s results during the period.
“With each day that passes, the 2010 story appears to be one of continuing credit recovery, and our results reflect a gradually improving economy,” Bank of America CEO Brian Moynihan said in a statement.
Full story: Bank of America easily beats estimates – Apr. 16, 2010