STATE : BankAmerica Has Record Profit

BankAmerica Corp. today reported 1989 earnings were up an impressive 52%, soaring to $1.1 billion, the highest annual profit in its history.

With its profit for 1989, BankAmerica completed a dramatic comeback from its financial horrors of the mid-1980s, including a nearly $1-billion loss in 1987.

The nation’s second-largest bank holding concern reported its fourth-quarter earnings for the period ended Dec. 31, 1989, were $270 million, or $1.21 per share, a slight increase from the $265 million, or $1.36 per share, posted in the same period of 1988.

BankAmerica, parent of Bank of America, noted that fourth-quarter 1988 earnings reflect $351 million of interest income from Brazilian obligations and $167 million of nonrecurring restructuring costs.