Bank of America quarterly profits rise

Tuesday, Jan. 22, 2002 | 10:54 a.m.

SUN STAFF AND WIRE REPORTS

CHARLOTTE, N.C. -- Bank of America Corp. said today its fourth quarter profits rose 49 percent, but that the recession led to lower earnings for the year.

The nation's third-largest bank reported net income for the last three months of 2001 was $2.06 billion, or $1.28 per share, compared to $1.39 billion, or 85 cents a share, during the same October-to-December period the previous year.

Regulatory reports from June 2001 show Bank of America reported $4.9 billion in Nevada deposits, making it the second largest bank in the state. Wells Fargo & Co. ranked first with $5.5 billion in deposits.

Spokeswoman Gillian Breidenbach said Bank of America currently operates 87 branches in Nevada and employs about 2,000 people.

The fourth quarter performance beat expectations of $1.24 per share, according to analysts polled by Thomson Financial/First Call.

Net income for all of 2001 fell almost 10 percent to $6.79 billion, or $4.18 per share, from $7.52 billion, or $4.52 per share, in 2000. Excluding one-time items, the bank earned $4.26 per share, below analyst expectations of $4.91 a share.

BankAmerica had to overcome higher credit costs, lower income from stocks and a drop in investment and brokerage service fees, chairman and chief executive officer Kenneth D. Lewis said.

"The revenue and earnings momentum we experienced in the first nine months of the year continued into the fourth quarter as our work to attract, retain and deepen customer relationships takes hold," Lewis said. "This was a considerable achievement."