2004 Annual Report: Financial Highlights

	Year Ended December 31, 2004	Year Ended December 31, 2003
Year Ended December 31
For the year	2004	2003
Revenue*	$49,610	$38,557
Net income	14,143	10,810
Shareholder value added	5,983	5,621
Earnings per common share	3.76	3.63
Diluted earnings per common share	3.69	3.57
Dividends paid per common share	1.70	1.44
Return on average assets	1.35%percent	1.44%percent
Return on average common   shareholders’ equity	16.83%percent	21.99%percent
Efficiency ratio*	54.48%percent	52.27%percent
Average common shares issued   and outstanding (in millions)	3,759	2,973
At year end
Total assets	$1,110,457	$719,483
Total loans and leases	521,837	371,463
Total deposits	618,570	414,113
Total shareholders’ equity	99,645	47,980
Book value per common share	24.56	16.63
Market price per share of   common stock	46.99	40.22
Common shares issued and   outstanding (in millions)	4,047	2,822

In 2005, Bank of America renamed its business segments to better reflect their current reach. Only the names have been changed; the entities that comprise each business segment are the same. This annual report uses the new names in reporting on these business segments’ activities for 2004. The new name and former name of each business segment follows: Global Consumer and Small Business Banking was called Consumer and Small Business Banking; Global Business and Financial Services was called Commercial Banking; Global Capital Markets and Investment Banking was called Global Corporate and Investment Banking; and Global Wealth and Investment Management was called Wealth and Investment Management.

*Fully taxable-equivalent basis
**All Other consists primarily of Latin America, Equity Investments, noninterest income and expense amounts associated with the asset and liability management process, and the results of certain businesses that are being liquidated.