BofA Profit Up 6% With Hike in Loans and Credit Quality

BankAmerica Corp. on Wednesday said improving credit quality, cost savings and increase in loans boosted profit 6% in the first quarter.

The nation’s second-largest bank earned $513 million, or $1.27 a share, for the first three months of 1994. It had net income of $484 million, or $1.19 a share, for the same period of last year.

San Francisco-based BankAmerica said a decline in soured loans enabled it to lower its loan-loss provision.

Troubled assets totaled $2.49 billion during the quarter, down 13% from $2.89 billion in the fourth quarter of 1993 and down 50% from $5.03 billion a year ago.