Business Briefs
Reported by Star-Bulletin staff & wire

Monday, April 16, 2001

Bank of America's net declines 17 percent

NEWYORK >> First-quarter earnings at Bank of America Corp., the nation's second-largest commercial bank, fell 17 percent, but still exceeded analysts' expectations as sales of an ATM network stake and $46 billion in loans offset weakness in capital markets and wealth management businesses.

Charlotte-based Bank of America said first-quarter net income plunged to $1.87 billion, or $1.15 a share, from a record $2.24 billion, or $1.33, last year. The results exceeded First Call's average estimate by 3 cents per share.

Per-share earnings were down just 14 percent, reflecting the repurchase of about 14 million shares during the first three months of this year.

Citigroup's earnings fall 7 percent

NEWYORK >> Citigroup Inc., the largest U.S. financial services company, said first-quarter profit fell 7 percent as expenses outpaced revenue growth and earnings from venture capital investments plunged.

The parent of Travelers insurance companies, Salomon Smith Barney and Citibank said profit from operations fell to $3.66 billion, or 71 cents a share, from $3.94 billion, or 76 cents. Net revenue rose 6 percent to $20.2 billion. Costs rose 12 percent. Citigroup's profit decline was among the smallest of the financial-services companies that have reported first-quarter results.

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