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.
Profits Up 41% at B of A
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!