|
Bank of America 2Q net up
|
 |
July 19, 1999: 9:39 a.m. ET
Largest bank noses past earnings targets as integration rolls on
|
NEW YORK (CNNfn) - Bank of America Corp. Monday reported second-quarter operating income rose by a modest 2 percent, topping analysts' estimates as it continued efforts to integrate the two large banks that merged to form the company last year.
The Charlotte, N.C.-based company, the nation's largest bank, posted operating earnings of $2.1 billion, or $1.15 per diluted share, compared with $2.0 billion, or $1.13, in the second quarter a year earlier.
The consensus of analyst forecasts was for Bank of America to report operating profit of $1.14 a share, according to First Call Corp., an earnings research firm.
Total assets grew 7 percent to $615 billion.
Executives said Bank of America is continuing its integration efforts after the company was formed out of last year's $43 billion merger of San Francisco's BankAmerica Corp. and Charlotte's NationsBank.
"Bank of America continues to make significant progress toward our goals, as reflected in our successful merger integration efforts, solid core operating results and many new initiatives aimed at improving and expanding customer relationships," Hugh McColl, Bank of America's chairman and chief executive officer, said in a statement.
After an after-tax charge of $145 million to pay for the merger, Bank of America reported earnings of $1.9 billion, or $1.07 per share. The company also tallied a one-time gain of $277 million in the second quarter a year ago from the sale of 12 Florida bank branches.
Shares of Bank of America (BAC) rose 13/16 to 75-1/2 Friday.
|
|
|
|
|
|
Bank of America
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
