Bank of America Expects to Post Full-Year 2009 Profit
“We have been profitable for the first two months of the year,” Lewis told reporters after a speech in Boston today. “We expect to be profitable” in 2009. In the prepared text of his speech, Lewis said the bank may earn $50 billion this year, measured before taxes and provisions, and the company won’t need more federal aid.
Lewis becomes the third CEO at the nation’s biggest banks to report his company was profitable in the early part of this year, joining JPMorgan Chase & Co. and Citigroup Inc. He has promised the Charlotte, North Carolina-based bank will get through the credit crunch without more help from U.S. taxpayers.
The bank’s stock rose for a fourth straight day in New York Stock Exchange composite trading, advancing 71 cents, or 14 percent, to $5.64 at 3:05 p.m. Lewis said in today’s speech he expects revenue to top $100 billion this year.
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This article was originally posted on Bloomberg