FleetBoston Financial has reported first quarter earnings of $735 million, or $.70 per share compared with net income of $142 million, or $.12 per share in the first quarter of 2001.
Return on assets and return on equity for the quarter were 1.52 percent and 16.9 percent, respectively compared with 0.27 percent and 2.8 percent, respectively, in the first quarter of 2001. Prior year results included $642 million of net after-tax charges related to the merger of FleetBoston and Summit Bancorp, the sale of Fleet Mortgage Group, the restructuring of Robertson Stephens and Quick and Reilly, and business sale gains.
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Excluding these items, earnings per share in the first quarter of 2001 was $.71.
For more information, visit the FleetBoston Financial Web site at http://www.fleet.com.
