Business Services Industry
Credit cards, consumer loans bolster Bank of America, Citigroup earnings.
Knight Ridder/Tribune Business News, October, 2004
By Richard Newman, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Oct. 15--Retail banks are shrugging off declines in mortgage lending, making money instead on service fees, credit card and auto loans, and by adding branches and customers to their networks.
Charlotte-based Bank of America, the nation's third-largest bank holding company by assets, increased third-quarter profits by 29 percent to $3.76 billion. Credit card fee income increased 58 percent to $1.26 billion.
Officials said income from consumer loans and deposits grew as the bank added 537,000 consumer checking accounts in the quarter, boosted by the addition of former Fleet customers in New England, New York, New Jersey and Pennsylvania. Bank of America...
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