BaA Profits up Ahead of Investor Predictions

April 15, 2004, 1:00 a.m. EDT 1 Min Read

The nations No. 2 bank, Bank of America Corp., said Wednesday its profits rose 11%, thanks to more consumer lending, more credit card sales and more fees.

First-quarter income zipped to $2.68 billion from $2.42 billion, a 34 cent per share uptick to $1.83.

Charlotte, N.C.-based Bank of America did not include results of its April 1 purchase of FleetBoston Financial , though it did include a self-imposed, 16 cents-per-share charge stemming from its improper trading allegations.

Combined, BoA and Fleet, the two new partners, settled to pay $515 million in charges to regulators and $160 million in fees for their participation in the mutual fund scandal.

In a statement, Fleet CEO Keith Lewis called his companys progress "ahead of schedule."

Lending was up 11% for the month, while consumer and commercial banking profit climbed 16%.

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