Finance Space

Bank of America may finally be returning to health.

The bank, which is often considered a bellwether for the American economy, said Friday morning that it clawed back to profitability in the first quarter after two consecutive periods of losses.

It had been battered over the last year by huge losses in consumer loans and a costly merger with Merrill Lynch that sank its share price.

Surprisingly, perhaps, profit from Merrill Lynch, the bank’s much-maligned brokerage firm, has helped to offset continued losses from consumer loans, though those losses also narrowed.