Bank of America Income Plummets
Fourth-Quarter Earnings Fall to $268 Million
CHARLOTTE, N.C. -- Bank of America Corporation today reported full-year 2007 net income declined 29 percent to $14.98 billion from $21.13 billion a year earlier.
Diluted earnings per share fell 28 percent to $3.30 from $4.59 in 2006.
In the fourth quarter of 2007 net income was $268 million, or $0.05 per diluted share, compared with $5.26 billion, or $1.16 a share, a year earlier.
The quarter included results from LaSalle Bank, which Bank of America purchased on October 1.
"Our fourth quarter results were severely impacted by ongoing dislocations in capital markets and the slowing economy," said Kenneth D. Lewis, chairman and chief executive officer. "Even given that environment, we certainly are not pleased with our performance. However, we are cautiously optimistic about 2008, though we believe economic growth will be anemic at best in the first half.”