Financial services major Bank of America today reported a net loss of $194 million for the three months ended December 2009.
The bank had a net loss of $194 million excluding expenses related to repayment of Federal bailout funds. In the comparable period, the firm had a net loss of $1.8 billion.
In a statement, Bank of America said it had a negative impact of $4 billion in connection with paying back bailout money, in the fourth quarter of 2009.
During the quarter, Bank of America repaid $45 billion of Federal funds.
"While it's disappointing to report a loss for the fourth quarter, there were a number of important accomplishments worth noting," Bank of America's President and CEO Brian T Moynihan said.
"First, we repaid the American taxpayer, with interest, for the TARP investment. Second, we have taken steps to strengthen our balance sheet through successful securities offerings.
"And third, all of our non-credit businesses recorded positive contributions to our results," Moynihan added.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app