Bank of America reported a profit of $3.2 billion for the first quarter, or 28 cents per share, surpassing by a wide margin analysts' expectations of 9 cents per share. Gains from its investment-banking business mitigated losses from its mortgage-banking business. "With each day that passes, the 2010 story appears to be one of continuing credit recovery, and our results reflect a gradually improving economy," said CEO Brian Moynihan. Last quarter was the first full one with Moynihan at the helm.

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