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Bank of America Delivers on Universal Bank Model
April 27, 2005
Media may contact:
Terry Francisco, Bank of America, 704.386.4343
Terry.h.francisco@bankofamerica.com
CHARLOTTE– Bank of America’s record financial performance in 2004 was yet another example of the success of the universal bank business model, Kenneth D. Lewis, chairman and chief executive officer, told attendees at the company's annual meeting today.
Lewis said the company had record earnings in 2004, and is very pleased with the progress of the integration of FleetBoston as the bank continues to capitalize on new opportunities for revenue growth.
"Our associates are pursuing our vision of a nationwide, universal bank for consumers and small businesses … a full-service corporate and investment bank with global capabilities for our commercial and corporate clients … and a company that produces strong, consistent financial returns for its shareholders by delivering higher standards of service for our customers every day” Lewis said.
“We’ve stuck to this idea with remarkable consistency since I became Chief Executive Officer five years ago, through economic cycles and many changes in our industry. Fundamentally, it hasn’t changed, though it is evolving. I’m proud of that consistency, and I continue to believe this is the right direction for our company."
In reporting on the operating results of the company, Chief Financial Officer Marc D. Oken said Bank of America in 2004 became one of only a handful of companies to earn more than $14 billion in a year. The results made Bank of America the fifth most profitable company in the world - behind ExxonMobil, Citigroup, General Electric and Royal Dutch Shell. Oken emphasized the superior returns for shareholders.
“Our strong earnings performance has allowed Bank of America to compile an enviable dividend record,” Oken said. “We have increased the dividend now for 27 consecutive years. Since 1977, the dividend has risen at an annualized rate of 13 percent, more than double the rate of inflation over that time period.
“Our strong earnings performance has also rewarded shareholders in the form of an attractive total return,” Oken continued. “In 2004, Bank of America led our large bank peers in total return, which is stock price appreciation plus the dividend yield. Our 21 percent total return was more than double those of the S&P 500 Index and the S&P Financial Index, which tracks financial services companies.”
All Bank of America director candidates were elected to the company's board of directors. Shareholders also approved the ratification of independent public accountants. BAC shareholders rejected two shareholder proposals regarding the nomination of directors and political contributions.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 13 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Note: We maintain Bank of America news releases on this site for archival purposes. Our news releases are believed accurate as of the date they are issued; however, they may become outdated over time, and should not be relied on as correct after their issue date.
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