BofA profits beat Street estimates

Bank of America Corp, the largest US bank by assets, reported first-quarter profit that beat the most optimistic analysts' estimates on gains from home refinancing and trading.

Net income more than tripled to $4.24 billion from $1.21 billion, or 23 cents a share, a year earlier, the Charlotte, North Carolina-based bank said yesterday in a statement. Earnings per share equaled 44 cents in the three months ended March 31 after the company paid more than $700 million in preferred dividends to the US rescue fund. The average estimate of 21 analysts surveyed by Bloomberg was 4 cents.

The results may help Chairman and Chief Executive Officer Kenneth D. Lewis stave off pressure from shareholders after Bank of America spent more than $30 billion on takeovers during the past year as the recession worsened. Lewis said on Feb 26 that the purchases of Merrill Lynch & Co and Countrywide Financial Corp were "the two stars" that were driving profit at the bank.