Industry News

Bank of America Q1 profits up

Quarterly net income climbs 14% to $4.99 billion

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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 percent. However, on a pro forma basis (including MBNA's first quarter of 2005 results), revenue increased almost 10 percent while noninterest expense was up only 5 percent. Information regarding pro for...