• ‘Credit is going to get worse,’ says under-fire chief Ken Lewis • $4.2bn profit beefed up by one-off gains • BoA and Citigroup’s shares slump The embattled US financial services group Bank of America, which is facing a revolt by disgruntled shareholders, delivered a gloomy assessment of economic conditions as a surge in bad loans forced it to set aside $13.4bn (£9.22bn) to cover credit losses. Bank of America reported a first-quarter profit of $4.2bn, compared with $1.2bn for the same period a year ago.