FleetBoston Profit Is Half of Forecast
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FleetBoston Financial Corp. said it earned half as much as forecast in the fourth quarter after setting aside $800 million to cover losses from loans to companies including United Airlines parent UAL Corp. and energy trader TXU Corp.’s European unit.
Net income for the bank was $300 million, or 28 cents a share, falling short of the 57-cent average estimate of analysts surveyed by Thomson First Call. In the fourth quarter of 2001, FleetBoston posted a loss of $507 million.
The provision brought FleetBoston’s total for the year to $2.8 billion.
FleetBoston shares slid 10 cents to $27.40 on the NYSE.
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