Bank of America Reports 1Q09 Financial Results
Bank of America Corporation today reported first-quarter 2009 net income of $4.2 billion.
The bank's Global Card Services unit, which now includes Debit Card, swung to a net loss of $1.8 billion as the weak economic environment drove credit costs higher. Credit card purchase volume declined 19.7% to $48 billion compared to $59.8 billion in 1Q08. Credit card chargeoffs grew to 8.62% totaling $3.8 billion vs. 5.19% of $2.4 billion in 1Q08. Debit card purchase volume grew 2.2% to $51.1 billion.
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