[OPE-L] Bank of America, Wachovia Profits Plunge in Fourth Quarter on Credit Losses

From: Alejandro Valle Baeza (valle@SERVIDOR.UNAM.MX)
Date: Tue Jan 22 2008 - 14:07:16 EST 







Tuesday January 22, 12:29 pm ET


By Ieva M. Augstums, AP Business Writer



Bank of America, Wachovia Profits Plunge in Fourth Quarter on Credit
Losses




CHARLOTTE, N.C. (AP) -- Hurt by the
deepening credit crisis, Bank of America Corp. said Tuesday its
fourth-quarter earnings fell 95 percent, and Wachovia Corp. reported
that profit tumbled 98 percent.Net
income at Bank of America, the nation's second-largest bank, dropped to
$268 million, or 5 cents per share, in the three months ended Dec. 31,
from $5.26 billion, or $1.16 per share, a year earlier.



The bank's revenue fell 31 percent to $12.67 billion, from $18.49
billion last year.The results included LaSalle Bank, which Bank of
America purchased on Oct. 1.


Analysts
expected, on average, earnings of 18 cents per share on revenue of
$13.24 billion, according to a survey by Thomson Financial. The
estimates typically exclude one-time items.

Bank of America shares rose 93 cents, or 2.5 percent, to $36.90 in
morning trading.Crosstown
rival Wachovia said its fourth-quarter profit fell to $51 million, or 3
cents per share, from $2.3 billion, or $1.20 per share, during the same
period a year earlier.




Full article: http://biz.yahoo.com/ap/080122/earns_banks.html




Alejandro Valle Baeza

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