Bank of America swings to profit; revenue up 11%

TEL AVIV (MarketWatch)
Bank of America Corp., the Charlotte, N.C., banking firm, swung to a fourth-quarter profit on 11% higher revenue
 Net income was $1.58 billion, or 15 cents a share, compared with a net loss of $1.57 billion, or 16 cents, in the year-earlier period.
Total revenue reached $24.89 billion from $22.4 billion.
A survey of analysts by FactSet Research produced a consensus estimate of 22 cents a share of profit on $23.74 billion of revenue.
Within the total revenue, the revenue from interest on loans fell 14% to $10.7 billion
The provision for possible losses on bad loans fell 43% to $2.93 billion
The tier 1 capital ratio reached 9.86% from 8.6% a year earlier.