Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Bank of America today reported second quarter earnings of $3.85 billion, or $1.86 per share (diluted), compared with earnings of $2.74 billion, or $1.80 per share, a year ago. Current results reflect the addition of FleetBoston Financial Corp., which the company acquired April 1, 2004. Under purchase accounting rules, year-ago and first-quarter 2004 results do not include the impact of Fleet. Second-quarter earnings included pre-tax merger-related expenses of $125 million, which reduced earnings per share four cents. Estimated cost savings from the merger were $206 million in the quarter. Company officials attributed the bank's strong performance to the merger's impact as well as results in its consumer banking and commercial banking sectors. Non-interest income was $5.44 billion com...