NEW YORK (MarketWatch) -- Bank of America on Monday said profit climbed 75% as the company cited strength throughout its businesses, lower credit costs, cost-savings from its merger with FleetBoston and gains from the sales of securities.
Bank of America Corp. (BAC: news, chart, profile) said first-quarter net income was $4.7 billion, or $1.14 a share, up from $2.68 billion, or 91 cents, earned in the same period in 2004.
The Charlotte, N.C.-based financial-services giant's quarterly revenue reached $14.02 billion from $9.53 billion.
Results for the year-ago quarter don't include contributions from FleetBoston Financial, the acquisition of which closed April 1, 2004.
Analysts, on average, had been looking for earnings of 97 cents a share on revenue of $13.83 billion.
Merger-related restructuring charges subtracted 2 cents from the latest quarter's profit, Bank of America said
Shares fell 40 cents to $44.28 on Friday
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