Bank of America has reported a net income of $4.25 billion, or $0.44 per share, for the first quarter ended March 31, 2009, compared to $1.21 billion, or $0.23 per share, for the first quarter ended March 31, 2008. Net income applicable to common shareholders for the first quarter of 2009 was $2.81 billion compared to $1.02 billion for the same quarter of 2008.
For the first quarter of 2009, total revenue net of interest expense on a fully taxable-equivalent basis was $35.76 billion, compared to $17.07 billion for the same quarter of 2008.
Net interest income on a fully taxable-equivalent basis for the first quarter of 2009 rose 25% to $12.8 billion from $10.3 billion in the first quarter of 2008.
At March 31, 2009, total assets of the bank were $2.52 trillion, compared to $1.76 trillion at March 31, 2008.
Kenneth Lewis, chairman and CEO of Bank of America, said: The fact that we were able to post strong, positive net income for the quarter is extremely welcome news in this environment. It shows the power of our diversified business model as well as the ability of our associates to execute. We are especially gratified that our new teammates at Countrywide and Merrill Lynch had outstanding performance that contributed significantly to our success.
