Bank of America Corporation announced an increase in net income during the fourth quarter and released its mortgage banking income.
Bank of America reported $2.61 billion in net income during the third quarter, compared with $2.24 billion during the third quarter and $2.06 billion during fourth quarter 2001. On a yearly basis, the bank reported $9.25 billion in net income during 2002, a 36.2% increase from the $6.79 billion during 2001.
A spokeswoman said the company's mortgage banking income reached $206 million during the fourth quarter. The year-end total is a 33% increase from 2001, she said.
The third quarter mortgage banking income total for comparison was not readily available, the spokeswoman said.
At the close of the market Wednesday, shares of Bank of America were trading at $71.45, down $1.03, according to CBSMarketwatch.com.