Bank of America sale in China aids earnings
10/19/2011NEW YORK — Bank of America earned $6.2 billion in the third quarter, following a big loss in the same period a year ago. The earnings mostly came from accounting gains and the sale of a stake in a Chinese bank.
Revenue and income from almost all of its businesses fell, including credit cards, real estate, investment banking, and trading. The Charlotte-based bank earned 56 cents a share, after a loss of $7.3 billion, or 77 cents a share in the same quarter last year. The income included accounting gains of $4.5 billion and $1.7 billion, both related to drops in the value of its debt.
Bank of America gained $3.6 billion from selling its stake in China Construction Bank.