CHARLOTTE, N.C. – Bank of America Corp. managed to avoid a loss in the first quarter, surpassing analysts' expectations and providing further evidence the banking sector might be improving.
But the bank also took a hefty $13.4 billion provision for loan losses and its shares fell 55 cents, or 5.2 percent, to $10.05 in premarket trading.
The Charlotte, N.C.-based company earned $2.81 billion after paying preferred dividends, or 44 cents per share, compared with a profit of $1.02 billion, 23 cents per share, in the year ago period. Analysts surveyed by Thomson Reuters expected profit of 4 cents per share.
The higher-than-expected earnings could take some pressure off Chief Executive Ken Lewis who has faced calls from some shareholders to either give up his job as chairman or be ousted.

*good thing mark to mkt is gone.....wow cant beleive a profit.......hmm guess profits arent what they used to be

* Large Corporate Leasing Company (whisper) is going to downsize here......I thought idea was to loosen lending....what gives

D