by Calculated Risk on 4/21/2008 09:35:00 AM

From the WSJ: Bank of America's Net Drops 77%

Bank of America Corp. ... provisions for credit losses quintupled to $6 billion and investment banking write-downs cost at least another $1.91 billion.

The big increase in credit costs was driven by weakness in home equity loans and credit extended to small businesses and home builders ..

Net charge-offs for loans the bank doesn't think are collectable jumped to 1.25% from 0.81% of total average loans and leases, reflecting deterioration in the housing market and a slowing economy. Nonperforming assets surged to 0.90% from 0.29%.
...
"We remain concerned about the health of the consumer given the prolonged housing slump, subprime issues, employment levels and higher fuel and food prices," Chief Executive Kenneth D. Lewis said ...

Just a few more billion ...