BofA posts lower profit

Bank of America Corp, the biggest US lender, said second-quarter profit declined and the company set aside more money for losses as Chief Executive Officer Kenneth Lewis predicted the weak economy will persist into 2010. Net income fell 5.5 per cent to $3.22 billion, or 33 cents per diluted share, from $3.41 billion, or 72 cents, a year earlier, the Charlotte, North Carolina-based bank said on Saturday in a statement.

The average estimate of 21 analysts surveyed by Bloomberg was 18 cents a share.

Bank of America’s report follows better-than-expected results from JPMorgan Chase & Co and Goldman Sachs Group Inc earlier this week.