BoA Boosted by MBNA Acquisition, Q4 Net Jumps 47%, Beats Street

Bank of America reports Q4 net income jumped 47% to $5.26 billion, or $1.16/share on revenue growth of 34% to $18.82b. Excluding pre-tax merger and restructuring costs, EPS was $1.19/share, beating the Street by a penny. Revenue also came in higher than the $18.1b analysts estimated. BoA cites growth in card income from its acquisition of MBNA and pointed to strength in capital markets and investment banking. For the year, BoA's net income rose 28% to $21.13b and EPS grew 14% to $4.59/share (diluted). Excluding charges net income totaled $21.64b, or $4.70/share. BoA closed slightly higher yesterday at $53.65 and is trading around $54.00 (+0.6%) in the pre-market on thin volume.

• Sources: Press release, Bloomberg, WSJ
• Related commentary: Jim Cramer's Take on BAC, Bank of America: Impressive Numbers Prove We Were Wrong -- Barron's, Bank of America: Looking Forward to 2007
• Potentially impacted stocks and ETFs: Bank of America (BAC). ETFs: Financial Select Sector SPDR (XLF), iShares Dow Jones US Financial Services (IYG), iShares S&P Global Financials (IXG), KBW Bank (KBE), Regional Bank HOLDRs (RKH)

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