P.M. BRIEFING : BankAmerica Has Record Earnings
SAN FRANCISCO — BankAmerica Corp.’s extraordinary turnaround continued in the first quarter this year with record earnings of $275 million, a 152% increase from $109 million a year ago, the company reported today.
The parent of Bank of America, which lost $955 million in 1987 but rebounded last year to post a profit of $726 million, marked a milestone in its recovery in the quarter when it reinstated a dividend on its common stock. Earnings per common share were $1.38 in the first quarter, up 146% from 56 cents in the same period a year ago.
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