Bank of America Corp has posted a wider-than-expected quarterly loss as improvement in its Merrill Lynch investment-banking unit failed to offset consumer credit woes. The bank reported a net loss of $1 billion, or 26 cents per share, for the third quarter, compared with net profit of $1.18 billion, or 15 cents per share, in the same period last year at the height of the financial crisis.

Expenses grew at a faster rate than revenue during the quarter, the North Carolina-based bank said. Revenue, net of interest expense, increased 32% to $26.4 billion, while non-interest expenses climbed 39% to $16.3 billion, due largely to higher personnel costs.

The bank set aside $11.7 billion during the quarter for credit losses, $1.7 billion less than in the second quarter but $5.3 billion more than in the 2008 third quarter. Non-performing assets climbed to $33.8 billion in the third quarter from $31 billion in the second quarter.

Merrill Lynch has made a positive contribution to overall results, the bank said. Non-interest income spiked to $14.6 billion from $8 billion a year earlier, largely due to the addition of Merrill Lynch?s brokerage and investment banking businesses.

Google revenue up at $6 bn

Internet search engine giant Google has reported a 27% growth in net income at $1.64 billion for the third quarter on the back of higher advertising revenues. The company had a net income of $1.29 billion in July-September last year, Google said in a statement. Google registered revenues of $5.94 billion for the quarter under review, an increase of 7% over compared to the third quarter of 2008. ?Google had a strong quarter?we saw 7% year-on-year revenue growth despite the tough economic conditions.

While there is a lot of uncertainty about the pace of economic recovery, we believe the worst of the recession is behind us and now feel confident about investing heavily in future,? Google CEO Eric Schmidt said. Google-owned sites contributed 67% to the total revenues, generating $3.96 billion in the third quarter against $3.67 billion in the same period last fiscal.

IBM net income rises 14%

Technology giant IBM has reported a 14% jump in net income at $3.2 billion for the third quarter of 2009 despite a slump in sales. In the year-ago period, it had a net income of $2.8 billion, IBM said in a statement. Total revenues stood at $23.6 billion in the quarter under review, a decrease of 7% from the same quarter last fiscal.

However, sales increased by 1% over the previous quarter. ?Our long-term strategic shift to higher-value businesses again enabled us to deliver outstanding margin, earnings and cash flow growth in the third quarter,? IBM chairman and chief executive officer Samuel J Palmisano said, adding ?we also saw improved revenue trends in our business and share gains in software and hardware.? In its outlook, IBM said it expects full-year 2009 pre-tax income for both its software and services segments to grow at double-digit rates and reach about $8 billion.

GE profit falls 45%

General Electric Co has reported a third-quarter profit that exceeded estimates, aided by cost reductions in its industrial businesses and tax credits in finance. Profit from continuing operations declined 45% to $2.45 billion, or 22 cents a share, from $4.48 billion, or 45 cents, a year earlier, the company said in a statement. Revenue fell 20% to $37.8 billion, trailing the average estimate of $39.7 billion. The figure was ?in-line with our expectations,? GE said in a statement.

Chief executive officer Jeffrey Immelt is shrinking the finance unit and pondering a reduced investment in NBC Universal as he builds energy, transportation and healthcare businesses to help emerge from the global financial crisis and recession.

Higher losses in consumer finance and fewer real estate transactions reduced GE Capital?s profit and sales. ?The quarter looks mixed, with revenues disappointing,? said Joel Levington, the director who tracks GE for Brookfield Investment Management in New York.