Industry News

BofA reports earnings soar to $14.1 billion

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Bank of America today reported record 2004 earnings of $14.1 billion, or $3.69 per share. The company's fourth-quarter earnings were $3.85 billion, or 94 cents per share, up 41 percent from $2.73 billion, or 92 cents per share a year ago. Fourth-quarter revenue grew to $13.9 billion from $9.79 billion the previous year. Net interest income was $7.96 billion, compared to $5.75 billion a year earlier. Results reported for periods in 2003 and the first quarter of 2004 do not include the impact of FleetBoston Financial Corp., which BofA acquired in April. Fourth quarter earnings included merger and restructuring charges of $181 million after-tax, which reduced earnings by 4 cents per share. Business highlights for 2004 include: The company grew net new consumer checking accounts by 2.11 million in 2004, compared to an increase of 1.25 million in 2003. The number of accounts increased by 596,000 in the fourth quarter. The company grew net new consumer savings products by 2.6 millio...