Bank of America reports $3.22 billion in profits with $255 million lost

Monday, in its quarterly report filed with the SEC, Bank of America revealed its second-quarter profit of $3.22 billion in total before preferred dividends thus showing better than expected results which was encouraged by the bank's foreign operations. The BofA reported it lost about $255 million in the US as the losses from failed loans continued to rise. The Bank also stated that almost all the bank's earnings of $2.42 billion after preferred dividends came from Asia, owing to a $3.5 billion after-tax gain from Bank of America's sale of part of its stake in China Construction Bank. As for the bank’s non-US operations they totaled $3.48 billion profit, including the gain. BofA’s Asia operations brought in nearly $3.58 billion during the quarter, while its Latin America and Caribbean operations made $93 million, and Canadian operations saw a $50 million profit. Operations in Europe, the Middle East and Africa lost $242 million. Bank of America recorded a $13.4 billion provision for loan losses during the second quarter as consumers struggled with debt amid rising unemployment, against $5.8 billion previous year. The results reflect the challenges the bank, like many others, still faces as it makes efforts to create a global business. BofA has about 55 million consumer and small-business customers, making it vulnerable to delinquencies and defaults, yet also ready to thrive when the economy revives. The bank got $45 billion in bailout funds as part of the Treasury Departments $700 billion financial rescue package. It's uncertain when it’s to pay the government back.