Business : BankAmerica Profits Quadruple to $1.36 a Share as Brazil Pays Up
BankAmerica Corp. said today that its profits more than quadrupled in the fourth quarter as a stream of back payments from Brazil more than offset a big addition to its reserve against possible loan losses.
BankAmerica, the nation’s third-largest bank holding company, said its earnings rose to $265 million, or $1.36 a share, from $60 million, or 27 cents per share, in the corresponding 1987 quarter.
It said that, after taking in $351 million in back interest payments from Brazil, it boosted its provision for loan losses by $235 million and took a number of extraordinary charges.
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