Bank of America earns $6.2B on accounting gains

[October 18, 2011]  NEW YORK (AP) -- Bank of America says it earned $6.2 billion in the third quarter, largely from accounting gains and the sale of a stake in a Chinese bank.

The Charlotte, N.C., bank earned 56 cents per share, following a loss of $7.3 billion, or 77 cents a share during the same quarter last year. Analysts surveyed by FactSet forecast the bank would earn 28 cents per share.

Its income got a boost from accounting gains of $4.5 billion and $1.7 billion, both related to drops in the value of its debt. Bank of America gained $3.6 billion from selling its stake in China Construction Bank and recorded a loss in its private equity business of $2.2 billion.

Bank of America Corp.'s stock fell 2 percent to $5.91 in pre-market trading Tuesday.

[Associated Press; By PALLAVI GOGOI]

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