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%.