Bank of America 2001 Annual Report Download - page 2

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Contents
11..Chairman’s Letter to Shareholders 1144..Serving Consumers 1188..Serving Small Businesses
2200..Serving the Commercial Markets 2244..Wealth and Investment Management Services
2288..Serving Large Corporations and Institutional Markets 3322..Financial Review
IInnssiiddee bbaacckk ccoovveerr::Corporate Information
Financial Highlights
Year Ended December 31
(Dollars in millions, except per share information)
2001 2000
For the Year – Operating Results(1)
Revenue(2) $ 34,981 $ 33,253
Net income 8,042 7,863
Shareholder value added 3,087 3,081
Earnings per common share 5.04 4.77
Diluted earnings per common share 4.95 4.72
Dividends paid per common share 2.28 2.06
Return on average assets 1.24% 1.17%
Return on average common shareholders’ equity 16.53 16.70
Efficiency ratio 55.47 54.38
Average common shares
issued and outstanding (in millions) 1,595 1,646
For the Year – Reported Results
Net income $ 6,792 $ 7,517
Earnings per common share 4.26 4.56
Diluted earnings per common share 4.18 4.52
For the Year – Cash Basis Financial Data(1) (3)
Earnings per common share $ 5.59 $5.30
Diluted earnings per common share 5.49 5.24
Return on average assets 1.37% 1.30%
Return on average common shareholders’ equity 18.34 18.54
Efficiency ratio 52.96 51.78
At Year End
Total assets $ 621,764 $ 642,191
Total loans and leases 329,153 392,193
Total deposits 373,495 364,244
Total shareholders’ equity 48,520 47,628
Common shareholders’ equity 48,455 47,556
Book value per common share 31.07 29.47
Market price per share of common stock 62.95 45.88
Common shares issued and outstanding (in millions) 1,559 1,614
(1) Excludes the following: after-tax business exit charges of $1.3 billion for 2001 and
after-tax restructuring charges of $346 million for 2000.
(2) Includes net interest income on a taxable-equivalent basis and noninterest income.
(3) Cash basis calculations exclude goodwill and other intangible amortization expense.
TOTAL REVENUE
*
$21,372
$9,231
NET INCOME
*
*
Excludes Corporate Other
$4,842
$1,879
(Dollars in millions)
(Dollars in millions)
Global Corporate
and Investment
Banking
Asset
Management
$2,474
Consumer and
Commercial
Banking
Equity
Investments
$32
Global Corporate
and Investment
Banking
Asset
Management
$521
Consumer and
Commercial
Banking
Equity
Investments
$(94)