Loans

New York, NY, United States (AHN) – Bank of America reported a fourth-quarter profit of $2 billion compared with a $1.2 billion loss in the same period in 2010.

The nation’s second largest lender said it had a full-year net profit of $1.4 billion compared with a net loss of $2.2 billion during 2010.

Bank of America credited its two years of streamlining and simplifying the company for helping it return to profitability and enter 2012 as a stronger and more efficient business.

Shares of the company’s stock rose 4.7 percent in pre-market trading in New York.

The banking giant had lost 58 percent of its share value during 2011 because of investors’ lingering worries over the bad mortgage loans on Bank of America’s books after the 2008 sub-prime mortgage crisis when the United States government had to bail the bank out.

Bank of America has since been building up its reserves to protect against the risk of more bad loans.

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