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Bank of America Reports 1Q2012 Financial Results

BankofAmerica logo 140pxBank of America has reported financial results for the first quarter 2012. Starting this quarter, the former 'Card Services' business segment has been merged into the new 'Consumer and Business Banking' segment.

Revenue of $7.4 billion was down $1.0 billion from the year-ago quarter, driven by lower noninterest income of $523 million primarily from the implementation of debit card interchange fee rules as a result of the Durbin Amendment, and a decrease in net interest income of $521 million, primarily from lower average loans and yields. Provision for credit losses, primarily within the Card Services business, increased $216 million from the year-ago quarter to $877 million, reflecting lower reserve reductions in the current period.
The number of new U.S. consumer credit card accounts opened in the first quarter of 2012 was up 19% from the year-ago quarter, and more than 1 million BankAmericard Cash Rewards cards have been issued since its introduction in the third quarter of 2011.

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