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 severance related to the infrastructure initiative announced last week.

For the first nine months of 2004, Bank of America earned $10.29 billion, or $2.76 per share, up 27.4 percent compared to $8.08 billion, or $2.65 per share, a year earlier.

Revenue on a fully taxable-equivalent basis grew to $12.73 billion from $9.92 billion the previous year, an increase of 28.3 percent.

Bank of America shares were trading at $44.80 this morning.


What’s your opinion? Send your Letter to the Editor to

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
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