United States’ largest lender Bank of America may report tomorrow a loss for the last three months of 2009.

Analysts expect the Bank of America to post a loss of as much as $4.9 billion as it suffered heavy repayments of taxpayers’ money and loan defaults.

North Carolina-based Bank of America returned $45 billion in taxpayers’ money, a move that freed it from federal pay restrictions.

America’s largest bank write off over $15 billion in home and credit-card loan losses in the first nine months of last year.

Bank’s new CEO Brian T. Moynihan has pledged to concentrate on improving operations after bank’s former CEO Kenneth D. Lewis spent over $120 billion on making new acquisitions.

According to Credit Suisse analyst Moshe Orenbuch, the Bank of America may set aside $11 billion for credit losses during the last three months of 2009 as compared with an average $12.8 billion in the first three quarters of the year as defaults relating to consumers became stable.

Shares in Bank of America, which plunged $2.53 in February 2009, were trading at $16.26 last week on the NYSE.