Bank of America today said first-quarter profit surged 75 per cent on increased consumer and commercial lending, higher trading income, and the acquisition of FleetBoston Financial.
The third biggest bank in the United States said net income rose to $4.7 billion, or $1.14 per share, from $2.68 billion, or 91 cents per share, a year earlier.
Excluding merger and restructuring charges of $112 million, profit was $1.16 per share.
Results also included $659 million of one-time gains on the sale of debt securities and a $437 million increase in trading profit.