Bank of America Corp. today reported third-quarter earnings of $3.76 billion, or $.91 per diluted share, up 29 percent compared to earnings of $2.92 billion, or $.96 per share, a year ago. Under purchase accounting rules, year-ago results do not include the impact of FleetBoston Financial Corp., which was acquired on April 1, 2004. In addition to the impact of Fleet, the company's net-income improvement was driven by continued momentum in consumer banking, merger-driven cost savings, lower provision expense and gains on the sale of debt securities, according to a company statement. Third-quarter earnings included merger and restructuring charges of $221 million pre-tax, which reduced earnings by 4 cents per share. These included $156 million for the Fleet merger and $65 million for sev...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.