Bank of America, the largest US bank by assets, has reported a second quarterly net loss in a row, hurt by a $2 billion writedown of the value of its mortgage business.
The bank posted a fourth-quarter loss of $1.2 billion, or 16 cents a share, compared with a loss of $5.2 billion, or 60 cents a share, a year earlier.
Excluding the mortgage business writedown, the bank earned $756m, or 4 cents per share, in the latest quarter. Total revenue fell 11% to $22.7 billion.
The bank's fourth-quarter results were the second consecutive to include large cash charges.
In the third quarter, it reported a $10 billion writedown of its cards business after the US Congress approved the Dodd-Frank Act, a financial reform bill that includes curbs on debit card fees banks can charge merchants.
