Bank of America 4QEarnings down by 95 Percent (MarketWatch) (22-01-2008)

Bank of America Corp.'s fourth-quarter earnings were reported down by 95% to $268 million, or 5 cents a share, from $5.26 billion, or $1.16 a share, a year earlier, as its provision for credit losses climbed and it posted a $1.99 billion in net charge-offs.

 The Charlotte, N.C., bank's net interest income rose to $9.16 billion from $8.6 billion, while its provision for credit losses increased to $3.31 billion from $1.57 billion a year ago. Net interest income on a fully taxable-equivalent basis rose 10% to $9.81 billion.  

Total average assets at Dec. 31 rose to $1.74 trillion from $1.49 trillion at Dec. 31, 2006. The company is "cautiously optimistic" about 2008, though it sees economic growth “anemic at best” in the first half.

Source: MarketWatch