Bank of America profits up 41%

Bank of America, the third biggest US bank, said yesterday its second quarter profits rose 41%, boosted by the purchase of FleetBoston Financial and an increase in consumer lending.

Net income at the bank, which bought FleetBoston for $48 billion (€39 billion) in April, climbed to $3.85 billion (€3.10 billion) from $2.74 billion (€2.21 billion) a year earlier.

Chief executive officer Kenneth Lewis, 58, said the bank is “ahead of schedule” in combining Fleet’s operations, helping it increase credit cards and cheque book accounts and loans to consumers.

Profit was bolstered by $800 million (€646 million) in gains from sales of debt securities, more than double the amount of a year earlier.