B of A to Omit Dividend Again
BankAmerica Corp. today reported a net income of $63 million in the first quarter of 1986, but said its board of directors has voted to omit a dividend on common stock for the second consecutive quarter.
The profit followed BankAmerica’s net loss in 1985 of $337 million, including a loss of $178 million in the fourth quarter. Samuel H. Armacost, president and chief executive officer, said the first-quarter earnings result from reductions in the level of loan losses, which have plagued the company for the last five years.
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