Bank of America Corp., one of the nation's top mortgage lenders by volume, today reported that first-quarter net income climbed 14 percent to $4.99 billion from $4.39 billion a year ago. Per-share diluted earnings were unchanged from a year earlier at $1.07. Return on average common equity for the first quarter was 15.4 percent. The financial company's first-quarter 2005 results did not include MBNA, which Bank of America acquired in January 2006. Excluding merger and restructuring charges of $98 million pre-tax, equal to 1 cent per share, the company earned $5.05 billion, or $1.08 per share, in the first quarter of 2006. A year earlier merger and restructuring charges of $112 million reduced per-share earnings by 2 cents. Revenue grew 31 percent while non-interest expense was up 26 per...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.