A closer look at Bank of America's earnings

August 9, 2009 | By Jim Kim

In the second quarter, Bank of America booked a $3.5 billion after-tax gain on the sale of part of its stake in China Construction Bank Corp. That allowed its non-domestic operations to post a $3.4 billion profit. That masked a poor performance domestically; it lost $255 million, according to Reuters, which based its report on a filing made on Friday.

So the gist here is that the second-quarter results may be very difficult to duplicate in the third and fourth quarters for well-known reasons. I'm not sure the bank has another principal investment it can report a gain on, and the domestic situation is looking weak.

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