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Bank of America profit jumps 75 percent
0 Comments | AFP, April, 2005
NEW YORK (AFP) — Bank of America said profit climbed 75 percent as the company cited strength throughout its businesses, lower credit costs, cost-savings from its merger with FleetBoston and gains from the sales of securities.
The third largest US banking group said first-quarter net income was 4.7 billion dollars, or 1.14 dollars a share. That was better than the average analyst forecast of 97 cents per share.
The Charlotte, North Carolina-based financial services giant's quarterly revenue reached 14.02 billion dollars, up 46 percent from 9.53 billion in the same period a year ago.
Results for the latest quarter don't include contributions from FleetBoston Financial, the acquisition of which closed April 1, 2004.
"Core earnings power was about 1.01...
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