Bank of America posts fourth quarter profit

Bank of America reported solid fourth quarter earnings on Thursday, boosted by sales of securities lower expenses for bad loans. The second-largest U.S. bank by assets said net income applicable to common shareholders was 1.58 billion U.S. dollars, or 15 cents per share, compared with a loss of 1.6 billion dollars, or 16 cents per share, a year earlier. The bank' s quarterly-earnings were mainly attributed to the sales of its holdings of securities. It gained 5.3 billion dollars from the sale of China Construction Bank Corp shares, from the exchange of trust preferred securities and the sale of debt securities. Brian Moynihan, CEO of Bank of America, said the bank was focusing on core business during 2011 to consolidate balance sheet while shedding those that were not core to its customers.