B of A 4th-Quarter Profit Jumps 19% to $704 Million

BankAmerica Corp. said its fourth-quarter earnings rose 19%, boosted by gains from trading and venture-capital investments. It said net income rose to $704 million, or $1.74 a share, from $591 million, or $1.41, a year earlier. That beat the average estimate of $1.67 a share reported by Zacks Investment Research.

Non-interest income rose 10% to $1.16 billion. The biggest gains were in trading income and venture capital investments.

Minneapolis-based Norwest Corp. saw fourth-quarter earnings rise to $259.7 million, or 72 cents a share, from $204.9 million, or 63 cents a share, for the period a year earlier. The average forecast was for 75 cents a share.

Boston-based Fleet Financial Group Inc. said its fourth-quarter loss came to $1.17 a share, contrasted with a profit of $258 million, or 97 cents per share, for the same period a year earlier. Included in the loss was a $286-million charge for costs associated with its $3.7-billion merger with Shawmut National Corp. and a $112-million charge related to the planned sale of its Fleet Finance unit.