B of A’s Income Rises Slightly

BankAmerica Corp.’s first-quarter profit rose slightly from the same period last year, and the company Thursday attributed that to an absence of Brazilian cash interest payments and increased outstanding common shares.

The San Francisco-based parent of Bank of America reported that net income for the period ending March 31 totaled $278 million, up 1% from $275 million reported in the same period a year earlier.

In 1989’s first quarter, BankAmerica received $46 million in Brazilian interest payments, which increased net income in that period by $38 million.

“First-quarter earnings demonstrate continuing success in managing the fundamental areas of our business, producing growth in the volumes of deposits and loan originations, as well as continuing strong credit performance,” said Chairman A. W. Clausen.

BankAmerica in January reported a 52% increase in its 1989 earnings, a $1.1-billion figure that represented the highest annual profit ever for the nation’s second-largest bank holding concern.

As of May 24, Clausen will step down from BankAmerica, the company he joined in 1949 and rose through the ranks to head. Replacing him will be Richard Rosenberg, BankAmerica’s vice chairman.