Tuesday, January 23, 2007

"BofA Profit Surges on Card Growth" (The Street.com)

BofA Quarterly highlights via Edgar online

  • Debit card revenue increased 23 percent to a record $1.91 billion.
  • During 2006, the company acquired and successfully integrated MBNA Corporation, making Bank of America the largest credit card issuer in the U.S. and U.K.
  • Fourth quarter net income for Global Consumer and Small Business Banking rose 44 percent to $2.53 billion from the year earlier period. Revenue in the period increased 46 percent to $10.63 billion, driven primarily by higher credit card income, including the addition of MBNA, and service charges.