Instant View: Bank of America reports lower profit

Thu Apr 19, 2012 8:48am EDT

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(Reuters) - Bank of America Corp on Thursday reported a drop in first-quarter profits as the second-largest U.S. bank took accounting charges related to its debt.

COMMENTARY:

ALLERTON "TONY" SMITH, SENIOR DIRECTOR, MOODY'S ANALYTICS, NEW YORK:

They are making undeniable progress. Asset quality metrics have improved on a core basis, and liquidity and capital are also better.

THOMAS VILLALTA, LEAD PORTFOLIO MANAGER, JONES VILLALTA OPPORTUNITY FUND:

"Generally speaking, I think it's another quarter that builds on the fourth quarter. Tier one capital once again is up significantly in our view. A 92 basis point improvement is really a significant improvement. It certainly moves them closer to being able to provide meaningful return of cash to shareholders in the form of dividend. We thought earnings were pretty good in this quarter."

JOE TERRIL, PRESIDENT, TERRIL & CO:

"I like it. In general it shows nice improvement across the board. I think the thing I most pleased with just at first glance is continued improvement in the loan portfolio."

(Reporting By Ilaina Jonas and Jed Horowitz)

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