Bad Carolina Credit Mortgage North

Bank of America profit rises 18pc on card fees

NEW YORK: Bank of America Corp., the No 2 US bank, on Wednesday said second-quarter profit rose 18 per cent, topping Wall Street forecasts, as credit card fees surged and retail banking earnings doubled.

Net income for the Charlotte, North Carolina-based company rose to $US5.48 ($NZ8.86) billion, or $US1.19 per share, from $US4.66 billion, or $US1.14, a year earlier.

Excluding merger costs, profit totaled $US5.60 billion, or $US1.22 per share. On that basis, analysts polled by Reuters Estimates on average forecast profit of $US1.10 per share.

Quarterly results reflected Chief Executive Kenneth Lewis' $US34.2 billion acquisition of MBNA Corp. on Jan. 1, which made Bank of America the largest US credit card issuer.

"This bank has become the behemoth in consumer banking," said Michael Mullaney, a portfolio manager at Fiduciary Trust Co.

Author shows how to turn free time into money

The latest book from longtime real estate author Tyler G. Hicks, "How to Acquire $1 Million in Income Real Estate in One Year Using Borrowed Money in Your Free Time," is really about how and where to obtain mortgage money to acquire investment property. Despite its long title, this is a resource guide — rather than a real estate "how to" book — explaining dozens of ways to finance property acquisitions and where to locate the necessary funds.
Among the book's unique features is a list of more than 1,000 mortgage lenders specializing in mortgages for BWBs (beginning wealth builders), as Hicks refers to first-time investment property buyers. Among the mortgage resources are, according to the author, more than 700 sources of Internet loans (I didn't personally count them).
In that chapter, Hicks carefully explains the pros and cons of Internet mortgages and the precautions borrowers should take to avoid disclosing confidential information to unknown lenders.

Abbey National 1st Half Statutory Pretax Profit +20%

LONDON -(Dow Jones)- Abbey National said Thursday that statutory profit before tax in the first half of the year, excluding the impact of the sale of the life companies, was over 20% higher than the same period last year.
The outlook for the second half of the year remains positive, with revenue growth rates expected to slow relative to a stronger second half in 2005, the company said.
It said growth in trading profit before tax had been strong in comparison to the same period last year, with revenue growth combined with further cost reduction only partially offset by increased retail lending provisions in line with expectations.
Trading income was up on the same period last year, even after the further adverse impact of lapse experiences and changes in assumptions in the Life companies.

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