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 compared with $4.26 billion a year earlier. The increase was driven primarily by the impact of the Fleet merger. Other factors included record investment banking income and higher card income, which was somewhat offset by lower mortgage banking income as mortgage originations declined from year-ago levels.

Revenue on a fully taxable-equivalent basis grew to $13.19 billion from $9.79 billion the previous year.

Bank of America shares were trading at 84.85 this morning.

***

Send tips or a Letter to the Editor to samantha@inman.com or call (510) 658-9252, ext. 140.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription