by Calculated Risk on 10/18/2007 10:15:00 AM

From MarketWatch: Bank of America's quarterly profit falls 32%

Bank of America Corp.'s third-quarter net income fell 32% from a year ago as trading losses, write-downs on a wide variety of loans and soaring reserves for likely future loan losses undermined profit, financial results showed Thursday.

The last of the nation's top three banks to report results this week, the Charlotte, N.C.-based company chalked up big charges due to credit-related turmoil, suggesting that the problems in the credit market may yet be closer to the beginning than to the end.
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"The company also added reserves for its home equity and homebuilder loan portfolios in view of the impact of the weakened U.S. housing market," [from BofA statement] emphasis added