By Armen Hareyan on 2008-04-21 
Bank of America Corp. posted a 77% drop in net income Monday, as 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, Bank of America said.
The results from the largest U.S. retail bank underscore the growing pressure on U.S. consumers as the housing slump deepens and economic growth slows -- pressure that is doing increased damage to banks' profit reports.
Source: by Ideal Investment Corner
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