April 20, 2009 1:22 PM

Bank of America's first quarter profits at $2.8 billion

Bank of America Corp. this morning said it made a profit of $2.8 billion in the first quarter, after paying $1.4 billion in preferred dividends, a significant turnaround from a $2.4 billion loss in the fourth quarter of last year. Bank of America's shares dropped $2.58 as the market was off 3.56% at the end of the day.

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