Bank of America 2002 Annual Report Download - page 25

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23
BANK OF AMERICA 2002
Recent Achievements
Consumer
•Grew checking accounts by 528,000, exceeding our goal for the year
•Reached 4.7 million online customers, 1.8 million online bill payers
•Improved customer delight scores by 10%
Premier
•Increased customer satisfaction by 15%
•Achieved nearly 9% growth in investment balances
•Added 50,000 new clients
•Achieved 28% total balance growth for new clients referred
from banking centers
•Increased revenue per client by 40%
Small Business
•Achieved status of nation’s No. 1 SBA lender
•Introduced Business Advantage, a preferred pricing and service
account that rewards owners for deepening their relationships
with us
•Online Banking ranked No. 1 for small businesses by Gomez,
an Internet publication
Card Services
•Introduced Total Security Protection™— offering greater defense
against theft, loss and unauthorized use
•Introduced mini card, a fast, convenient way to make purchases
Consumer Real Estate
•Helped nearly a million Americans purchase, refinance or leverage
their home’s equity
•Launched an exclusive process requiring 80% less paperwork
•Introduced LoanSolutions®in banking centers, creating more than
4,000 additional outlets to serve the home financing needs of customers
Commercial
•Grew commercial noncredit revenue to more than 50% of total
•Decreased commercial problem loans by 38% and nonperformers
by 32%
•Increased number of advisors by more than 20%, improving our
ability to serve customers throughout the bank’s national franchise
•Posted strong investment performance, among the best in the asset
management industry. Nearly 80% of fund assets were in the top
two quartiles of their respective Lipper categories
•Held assets under management at approximately $310 billion,
despite declines of more than 20% in broad market measures
•Increased associate satisfaction, a key factor in retaining the best
advisors and building client satisfaction
•Gained market share in investment-grade debt offerings, convertible
and common stock offerings, M&A advisory and asset-backed securities
•Achieved investment banking income just 3% down from previous
year, despite weaker market environment for securities underwriting
•Attained the lead investment bank position with a greater number
of key issuer clients and significantly deepened relationships with
investor clients across all product categories
•In one of the toughest corporate banking environments in recent years,
net income declined 12% to $1.72 billion, largely due to an 18%
decline in trading-related revenue
•Shareholder value added totaled $421 million
•Return on equity was 15.5%, one of the best in the industry
Financial Results for 2002
Consumer — Banking Regions
(including Premier and Small Business)
•Revenue of $13.4 billion, increased 8% over 2001
•Net income of $3.3 billion, increased 25% over 2001
•Shareholder value added of $2.1 billion, increased 17% over 2001
Consumer Products
(including credit card, mortgage and indirect consumer lending)
•Revenue of $6.1 billion, increased 19% over 2001
•Net income of $1.6 billion, increased 25% over 2001
•Shareholder value added of $1.3 billion, increased 29% over 2001
Commercial Banking
•Revenue of $3.5 billion, flat with 2001
•Net income increased to $1.2 billion, or 14% over 2001
•Shareholder value added increased to $678 million, up 32% from 2001
•Revenue held steady, declining only 3% in one of the most difficult years
in the asset management industry since the 1970s
•Net income totaled $404 million, a decline of 23% from 2001, due to one
large credit charge-off
•Shareholder value added was $113 million