BoA Reports '04 Profits

Bank of America Corp., Charlotte, N.C., has reported net income of $14.14 billion ($3.69 per share) for 2004, up from $10.81 billion ($3.57 per share) in 2003.Mortgage banking income declined an unspecified amount as a result of lower origination volume and adjustments to the value of mortgage servicing rights, BoA said. The company touted its commercial MBS underwriting operations, declaring that it had become the top U.S. deal manager in CMBS in 2004. For the fourth quarter, BoA reported net income of $3.85 billion ($0.94 per share), up from $2.73 billion ($0.92 per share) a year earlier. The company can be found online at http://www.bankofamerica.com.