Financial services major Bank of America today reported a net loss of $194 million for the three months ended December 2009.
The bank had a net loss of $194 million excluding expenses related to repayment of Federal bailout funds. In the comparable period, the firm had a net loss of $1.8 billion.
In a statement, Bank of America said it had a negative impact of $4 billion in connection with paying back bailout money, in the fourth quarter of 2009.
During the quarter, Bank of America repaid $45 billion of Federal funds.
"While it's disappointing to report a loss for the fourth quarter, there were a number of important accomplishments worth noting," Bank of America's President and CEO Brian T Moynihan said.
"First, we repaid the American taxpayer, with interest, for the TARP investment. Second, we have taken steps to strengthen our balance sheet through successful securities offerings.
"And third, all of our non-credit businesses recorded positive contributions to our results," Moynihan added.
