ABJ - Oct 18 - Bank of America Corporation has reported net income of $6.2 billion, 56 cents a diluted share, for the third quarter of 2011, compared with a net loss of $7.3 billion, or 77 cents a diluted share, in the year-ago period. Revenue, net of interest expense, on a fully taxable-equivalent (FTE) basis rose six per cent to $28.7 billion.

The most recent quarter included, among other things, $4.5 billion (pretax) in positive fair value adjustments on structured liabilities, a pretax gain of $3.6 billion from the sale of shares of China Construction Bank (CCB), $1.7 billion pretax gain in trading Debit Valuation Adjustments, and a pretax loss of $2.2 billion related to private equity and strategic investments, excluding CCB.

The fair value adjustment on structured liabilities reflects the widening of the company's credit spreads and does not impact regulatory capital ratios. The year-ago quarter included a $10.4 billion goodwill impairment charge.

"This quarter's results reflect several actions we took that highlight our ongoing transformation toward becoming a leaner, more focused company," said CEO Brian Moynihan. "The diversity and depth in our customer and client offerings provided some resiliency in a very challenging environment."