BofA posts $7.3-bn loss

Bank of America Corp, the largest US lender, reported a $7.3 billion loss tied to the cost of new federal rules on consumer accounts and credit cards. The shares fell 2 per cent in early trading.

The third-quarter’s loss of 77 cents a share compared with a loss of $1 billion, or 26 cents per diluted share, a year earlier, according to a statement today from the Charlotte, North Carolina-based bank. Excluding one-time gains and costs, the bank earned $3.1 billion, or 27 cents a share.

Goldman Sachs profit dips 40%, beats estimates
Goldman Sachs Group Inc, the biggest securities firm by revenue, said profit dropped 40 per cent, beating analysts’ estimates, as lower costs and higher investment-banking revenue cushioned a decline in trading. Third-quarter net income fell to $1.9 billion, or $2.98 a share, from $3.19 billion, or $5.25, a year earlier, the New York-based bank said in a statement. Revenue from trading fixed-income, currencies and commodities surpassed results at JPMorgan Chase & Co, Bank of America Corp. and Citigroup Inc, even after declining 14 per cent from the second quarter.

Etisalat Q3 profit drops 23%
Emirates Telecommunications Corp, the United Arab Emirates’ largest phone company, posted a 23 per cent decline in third-quarter profit after expenses rose and competition with its rival intensified. Net income fell to 1.74 billion dirhams ($473 million), or 22 fils a share, from 2.25 billion dirhams, or 29 fils a share a year earlier, the company known as Etisalat said in a statement to the Abu Dhabi bourse. Operating expenses rose 12 per cent to 4.1 billion dirhams.

IBM drops on decline in new contracts
International Business Machines Corp, the world’s largest computer-services provider, declined as much as 4.3 per cent in New York trading after a drop in new contracts overshadowed an improved financial forecast. IBM boosted its full-year profit forecast to at least $11.40 a share, the third time it raised 2010 earnings guidance this year.

Apple profit beats projections
Apple Inc’s profit and sales in the fourth quarter, which ended in September, exceeded analysts’ projections. Net income rose to $4.31 billion, or $4.64 a share, compared with $2.53 billion, or $2.77, a year earlier, Apple said in a statement. Sales rose to $20.3 billion.