Profits Up 41% at B of A
NEW YORK - Bank of America experienced a 41% increase in fourth-quarter 2004 profits, according to a report from Reuters. Consumer banking fees and the purchase of FleetBoston Financial Corp. at $48 billion last April aided the significant increase over fourth-quarter last year, the wire service reported. Bank of America's net income was $3.85 billion, or $0.94 a share, in the final quarter of 2004, up from $2.73 billion, $0.92 a share, in the last quarter of 2003. Revenues for the nation's third largest bank were up 42% to $13.9 billion while lending income increased 38% to $7.96 billion and fee income rose 47% to $5.96 billion. Also in the quarter, Bank of America added 729,000 net savings accounts, 596,000 checking accounts, and 1.53 million credit card accounts.