Bank of America reports increase in fourth quarter profits

CHARLOTTE, N.C. - Bank of America Corp. said Tuesday its fourth quarter profits rose 49 percent, but that the recession led to lower earnings for the year. <br> <br> The nation&#39;s third-largest bank reported net income for the last three months of 2001 was $2.06 billion, or $1.28 per share, compared to $1.39 billion, or 85 cents a share, during the same October-to-December period the previous year. <br> <br> The fourth quarter performance beat expectations of $1.24 per share, according to analysts polled by Thomson Financial/First Call. <br> <br> Net income for all of 2001 fell almost 10 percent to $6.79 billion, or $4.18 per share, from $7.52 billion, or $4.52 per share, in 2000. Excluding one-time items, the bank earned $4.26 per share, below analyst expectations of $4.91 a share. <br> <br> BankAmerica had to overcome higher credit costs, lower income from stocks and a drop in investment and brokerage service fees, chairman and chief executive officer Kenneth D. Lewis said. <br> <br> &#34;The revenue and earnings momentum we experienced in the first nine months of the year continued into the fourth quarter as our work to attract, retain and deepen customer relationships takes hold,&#34; Lewis said. &#34;This was a considerable achievement.&#34; <br> <br>