Bank of America Corp on Thursday reported its fourth-quarter profit fell from a year ago as it took more charges to clean up mortgage-related problems stemming from the financial crisis.
The second largest U.S. bank earned $700 million, or 3 cents a share, in the quarter, compared with a profit of $2 billion, or 15 cents per share, in the same period a year ago.
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Bank of America said on January 7 its fourth-quarter results would include a litany of one-time items, including more than $5 billion in mortgage-related charges, a $1.3 billion tax benefit and a $700 million charge related to the value of its debt.
(Reporting By Rick Rothacker in Charlotte, North Carolina; Editing by Jeffrey Benkoe)