CHARLOTTE, N.C. (AP) — Bank of America Corp. said Tuesday that its profits rose more than 30 percent in the third quarter, driven by across-the-board gains in the bank’s major businesses.<\/p>\n
Net income totaled $2.92 billion, or $1.92 per share, in the July-September period, up from $2.24 billion, or $1.45 per share, in the third quarter of 2002.<\/p>\n
The gains exceeded Wall Street’s expectations. Analysts surveyed by Thomson First Call projected the bank’s profit at $1.69 a share.<\/p>\n
“Deeper customer relationships and better retention are fueling our strong revenue growth and record profits this quarter,” Ken Lewis, chairman and chief executive, said in a statement accompanying the report.<\/p>\n
During the quarter, the Charlotte, N.C.-based bank put $100 million in reserve to fund the ongoing investigation of its Nations Funds mutual fund business. The bank said it also increased its litigation reserve by $75 million to cover other cases.<\/p>\n
Last week, Bank of America said it will establish a restitution fund for shareholders of its Nations Funds who may have lost millions of dollars because of alleged improper trading that gave a hedge fund advantage over other investors.<\/p>\n
The hedge fund, Canary Capital Management LLC, and its managers agreed to pay $30 million in restitution for profits generated from improper trading, plus a $10 million penalty to settle allegations lodged by New York Attorney General Eliot Spitzer.<\/p>\n
Lewis said that the third-quarter results were driven by deposit and loan growth, strong investment banking and trading results, and improved mortgage and card revenues.<\/p>\n
Net income for the first nine months was $8.08 billion, or $5.31 a share, up from $6.64 billion, or $4.22 a share, in 2002.<\/p>\n
——<\/p>\n
On the Net:<\/p>\n
Bank of America: http:\/\/bankofamerica.com<\/p>\n","protected":false},"excerpt":{"rendered":"
CHARLOTTE, N.C. (AP) — Bank of America Corp. said Tuesday that its profits rose more than 30 percent in the third quarter, driven by across-the-board gains in the bank’s major businesses. Net income totaled $2.92 billion, or $1.92 per share, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1380","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=1380"}],"version-history":[{"count":0,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1380\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=1380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=1380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=1380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}