Bank of America Corporation
Industry: Money Center Banks

One of the world's leading financial services companies, Bank of America is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives.

Business Summary
Bank of America Corporation is a bank holding company that conducts its operations though its bank and non-bank subsidiaries. The Company provides a range of financial services and products throughout the United States and in selected international markets. The Company provides a range of financial services and products throughout the United States and in selected international markets. As of December 31, 2004, Bank of America operates its banking activities primarily under three charters: Bank of America, National Association (Bank of America, N.A.), Bank of America, N.A. (USA) and Fleet National Bank. The Company conducts its business through 25,000 locations in 44 states, the District of Columbia and 34 foreign countries. On April 1, 2004, the Corporation completed its merger with FleetBoston Financial Corporation. In October 2004, the Company acquired National Processing, Inc., a public company, which is 83% owned by National City Corporation.

Financial Summary
For the nine months ended 30 September 2005, Bank of America Corporation's interest income rose 37% to $42.65B. Net interest income after LLP rose 9% to $20.68B. Net income applicable to Common rose 27% to $13.10B. Net interest income reflects higher earning asset balances and yields, partially offset by lower net interest spreads and margins. Net income also reflects a sharp rise in non-interest income due, in part, to an increase in equity investment gains.