BofA posts trading gains every day in Q1

Reuters

By Joe Rauch

CHARLOTTE, North Carolina (Reuters) - Bank of America Corp made money in trading every day of the first quarter, and posted more than $25 million in trading-related revenue for practically all of those days, the company said on Thursday.

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The quarter is the third out of the last five with loss-free trading for BofA, which has benefited from the rebound of U.S. stock markets from the 2008 financial crisis.

The bank also reported perfect trading quarters in first and third quarters 2010.

Bank of America, the largest U.S. bank by assets, posted trading-related revenue of at least $25 million for 98 percent of all days in the first quarter, BofA said in its quarterly report filed with the U.S. Securities and Exchange Commission.

The loss-free first quarter contrasts with fourth quarter 2010, when the bank recorded positive revenue on only 79 percent of trading days.

In fourth quarter, roughly half, or 56 percent, of trading days showed revenue above $25 million.

Bank of America shares closed down 1.5 percent at $12.30 on the New York Stock Exchange.

(Reporting by Joe Rauch; Editing by Steve Orlofsky)