Recommended Stocks In the News: FleetBoston's
Earnings Exceed Wall Street's Expectations
10/16/2003
FleetBoston's latest earnings release showed that revenues
for the third quarter exceeded analyst expectations by $50
million. Total revenue rose nearly 3% to $2.93 billion. Net
income of 64 cents per share exceeded expectations by nearly
5%.
The company stated that, "The growth
in earnings was led by a number of factors including higher
revenues, significantly improved credit quality, improved
performance in several business lines, and expense control.
The quarter was also marked by ongoing progress in gaining
added customer business and continued sequential earnings
growth in each of the Corporation's domestic personal and
commercial business segments."
"The Corporation's risk reduction efforts have resulted
in the fifth consecutive quarterly decline in nonperforming
assets. These problem assets declined by an additional 10%,
or $263 million, in the third quarter to $2.3 billion and
are down by 38% in the past year."
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