Bank of America reported second quarter 2005 results with diluted EPS up 14% year-over-year but down 7% from record first quarter levels. Total revenue was $14 billion. Global Consumer & Banking saw higher card income and retail product sales while Global Business & Financial Services had loan growth and improving credit quality. Global Capital Markets saw lower trading revenue compared to strong first quarter levels.

1. Bank of America
Second Quarter 2005 Results
Marc Oken
Chief Financial Officer
July 18, 2005

2. Forward Looking Statements
This presentation contains forward-looking statements, including statements about the
financial conditions, results of operations and earnings outlook of Bank of America
Corporation. The forward-looking statements involve certain risks and uncertainties.
Factors that may cause actual results or earnings to differ materially from such forward-
looking statements include, among others, the following: 1) projected business increases
following process changes and other investments are lower than expected; 2) competitive
pressure among financial services companies increases significantly; 3) general economic
conditions are less favorable than expected; 4) political conditions including the threat of
future terrorist activity and related actions by the United States abroad may adversely affect
the company’s businesses and economic conditions as a whole; 5) changes in the interest
rate environment reduce interest margins and impact funding sources; 6) changes in foreign
exchange rates increases exposure; 7) changes in market rates and prices may adversely
impact the value of financial products; 8) legislation or regulatory environments,
requirements or changes adversely affect the businesses in which the company is engaged;
9) litigation liabilities, including costs, expenses, settlements and judgments, may adversely
affect the company or its businesses; and 10) decisions to downsize, sell or close units or
otherwise change the business mix of any of the company. For further information regarding
Bank of America Corporation, please read the Bank of America reports filed with the SEC
and available at www.sec.gov.
2

3. Earnings Highlights
• Diluted EPS up 14% over 2Q04 but down 7% from record 1Q level
• Sales momentum continues with 7.6 mm retail product sales in 2Q
– 629,000 net new retail checking accounts in 2Q
– 568,000 net new retail savings accounts in 2Q
– 1.6 million new consumer credit card accounts in 2Q
• Retail deposits grew another $11 billion, or 3% versus 1Q
• Consumer loan growth continues with strength in home equity
• Commercial loan growth steady across most Global Business & Financial Services
businesses
• Trading revenue down 40% versus extremely strong 1Q; down 2% YTD
• Total revenue, excluding trading, up 4% over 1Q
– Consumer related fees increased from new account growth and activity
– Investment and brokerage revenue improved
• Assets under management increased $9 billion to $443 billion
• Maintaining solid expense control; efficiency ratio remains below 50%
• Generating tremendous operating leverage
• Commercial credit quality continues improvement
• Tier 1 Capital Ratio at 8.06%
• Integration of Fleet merger continues to go extremely well
3

4. Earnings Results
($ in millions)
2Q05 1Q05 2Q04
Total revenue $14,015 $14,022 $13,048
Provision for credit losses 875 580 789
Gains on sales of debt securities 325 659 795
Noninterest expense (excl merger charges) 6,898 6,945 7,103
Net income before merger charges 4,376 4,770 3,932
Merger & restructuring charges (after-tax) 80 75 83
Net Income $ 4,296 $ 4,695 $ 3,849
Diluted EPS reported (GAAP basis) $1.06 $1.14 $ .93
Merger charge impact .02 .02 .02
Diluted EPS (excl. merger charge) $1.08 $1.16 $ .95
4

5. Net Interest Income
($ in millions)
Linked Quarter Net Interest Income & Yield
2Q05 1Q05 Change
Reported net interest income (FTE) $ 7,841 $ 8,072 $ (231)
Avg. earning assets $ 1,118,527 $1,044,914 $ 73,613
Reported net interest yield 2.81 % 3.11 % (30 bps)
Drivers of change: Yield Impact
Deposit funding 2 bps
Trading related asset growth (15 bps)
Asset / Liability Management portfolio (17 bps)
and related spread compression
5

6. Yield Curve Environment
5 Year Swap vs. 3 Month LIBOR
3.25%
3.00%
2.75%
3/31/05 FY 2005 Avg 1.11%
2.50%
2.25%
2.00% 6/30/05 FY 2005 Avg 0.80%
1.75% Actual FY 2004 Avg 2.23%
1.50%
3/31/05 2006 FY Avg 0.46%
1.25%
1.00% 6/30/05 2006 FY Avg 0.26%
0.75%
0.50%
0.25%
5
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3/31/2005 Forward Curve 6/30/2005 Forward Curve Actuals
5 Year Swap vs 3 Month LIBOR Mar-2004 Jun-2004 Sep-2004 Dec-2004 Mar-2005 Jun-2005 Sep-2005 Dec-2005 Mar-2006
Actuals 2.05% 2.90% 1.89% 1.49% 1.53% 0.75% - - -
3/31/2005 Forward Curve - - - - 1.56% 1.21% 0.86% 0.65% 0.54%
6/30/2005 Forward Curve - - - - - - 0.38% 0.27% 0.27%
6

7. Line of Business Mix
Revenue (FTE) Net Income
2Q05 = $14.2 billion 2Q05 = $4.3 billion
Global
Global
Wealth &
Wealth &
Global Investment
Investment
Consumer & Management
Management
Small 14%
13% Global
Business
Consumer &
Banking
50% Small
Business Global
Global
Banking Business &
Business &
37% Financial
Financial
Services Services
19% 28%
Global Global
Capital Capital
Markets & Markets &
All Other Investment All Other Investment
3% Banking 10% Banking
15% 11%
7

8. Global Consumer & Small Business Banking
($ in millions) 2Q05 1Q05 2Q04 Revenue Mix
Revenue (FTE) $ 7,062 $ 6,962 $ 6,723
Consumer
Securities gains - (1) (2) Real
Estate
Provision exp. 1,143 714 641 11%
Deposits
Noninterest exp. 3,422 3,311 3,335 52%
Net income $ 1,595 $ 1,899 $ 1,740
Card
• Net income declined from 1Q05 on lower net interest income and Services
higher credit costs 31%
– Includes reserve estimate of $210 million for end-state min-pay changes
• Revenue improved as higher service charges and card income were
offset by lower net interest income Other
• 7.6 million retail product sales during the quarter 6%
– 629,000 net new retail checking sales
– 568,000 net new retail savings sales
– 1.6 million new consumer credit card sales
• Higher card income driven by increased interchange and merchant
discount fee growth
– Debit card purchase volumes increased 27% in the past year
• Retail deposits, including Premier and business banking, grew $11
billion over 1Q05
8

9. Global Business & Financial Services
($ in millions) 2Q05 1Q05 2Q04
Revenue (FTE) $ 2,691 $ 2,734 $ 2,430 Revenue Mix
Securities gains 70 1 0
Leasing
Provision exp. (164) (57) (5) Dealer 7%
Business
Capital
Finance
Noninterest exp. 1,011 994 1,082 8%
5%
Business
Banking
Net income $ 1,217 $ 1,122 $ 849 Real 17%
Estate
• Net income improved 9% vs. 1Q 13%
• Average loans grew 3% vs. 1Q to $177 billion with good growth
across most businesses Latin
• Asset quality remains strong, net charge-offs only 3 bps America
12%
• Provision expense was negative as credit integration Other
Middle
uncertainties related to Fleet were reduced 2%
Mkt
• Revenue declined due to lower net interest income offset by 36%
higher investment banking revenue
• Resolution of restructured government and corporate credits
allowed for securities gains in Latin America
9

10. Global Business & Financial Services
($ in billions)
Loan Mix
Avg. Loans Growth vs. 1Q05
Dealer
Real
Finance Middle Market $53.4 3%
19%
Estate
17% Dealer Finance 32.7 6
Leasing
11% Commercial R/E 29.2 3
Leasing 19.1 -
Business
Middle Capital Business Banking 18.1 4
Mkt 5%
30%
Business Business Capital 8.9 2
Banking
Latin 10% Latin America 7.4 (1)
Other
4% America
4%
10

11. Global Capital Markets & Investment Banking
($ in millions) 2Q05 1Q05 2Q04
Revenue Mix
Revenue (FTE) $ 2,121 $ 2,632 $ 2,634
Securities gains 51 30 (4) $2,634 $2,632
583 639
Provision exp. (73) (97) 4 $2,121
Noninterest exp. 1,525 1,646 2,008 533 525
578
Net income $ 461 $ 721 $ 411 532 350 466
• Net income declined 36% vs 1Q on lower trading revenue 407
1,118
• Trading related revenue declined 40% from record 1Q levels 986
670
while investment banking fees improved 16%
- YTD trading results are down just 2% from 2004 2Q04 1Q05 2Q05
• Average loans were relatively flat excluding the sale of the
Other fees
structured investments group
Net interest income (primarily Loan book & GTS)
• Increase in trading assets to support institutional/ investor flow
Investment banking
• Continued asset quality improvement drove a negative
provision Trading- related revenue
11

12. Trading and Investment Banking Revenue
($ in millions) Global Capital Markets & Investment Banking
Investment Banking Fees
$532 10
73 $450
$420 7 $407
7 94 7
174 66 $350 95
6
128 75
140
125
112
275
219 209 180
157
2Q04 3Q04 4Q04 1Q05 2Q05
Securities Underwriting Syndications Advisory Services Other
Global Capital Markets & Investment Banking
Trading Related Revenue $1,118
$986 75 21
83 148
170 $648
$584 33
196 $670
289 18 40 75 63
227 60
67
163 231
118 190
93
456 451 183
299 283
-8 -4 107
-67
-54
2Q04 3Q04 4Q04 1Q05 2Q05
Fixed Income Interest Rate Foreign Exchange Equities Commodities Credit Portfolio Hedges
12

13. Global Wealth & Investment Management
($ in millions) 2Q05 1Q05 2Q04
Revenue (FTE) $ 1,836 $ 1,795 $ 1,546 Revenue Mix
Securities gains - - - Asset
management
Provision exp. (9) 2 10 fees
35%
Net interest
Noninterest exp. 921 903 912 income
49%
Net income $ 590 $ 576 $ 398
• Net income up 2% versus 1Q
• Revenue growth of 2%, driven by 9% noninterest income growth
while net interest income declined 3% Brokerage
income
• Asset management fees increased from specialized service fees
8%
and higher assets under management while brokerage fees Other
8%
declined slightly
• Average Loans grew 4% to $53 billion from 1Q with increases in
home equity and residential mortgages in Premier Banking
• Average deposits grew 4% to $118 billion from 1Q as a result of
Premier Banking relationship deepening and migration of affluent
customers from our consumer business
• Assets under management (AUM) grew 2% vs. 1Q to $443 billion
13

14. Global Wealth & Investment Management
AUM Mix - $443 Billion • AUM increased $9 billion or 2% over 1Q
- Up approximately $1 billion from net inflows primarily
Fixed in long-term assets
income
21% - Up approximately $8 billion from market action and
other adjustments
• Seventy-two percent of Columbia Management Group’s
Equities
45% total funds were ranked in the top half of Lipper's overall
rankings of the mutual fund industry as of the end of
Money second quarter 2005 (Assets under Management weighted
mkt & over 1 year). Thirty-nine percent were in Lipper's top
short
term quartile. 1
funds
Other 32%
2%
1Lipper Inc. is an independent mutual fund performance monitor. Lipper ranks
mutual funds’ total performance (assuming reinvestment of distributions) against
other funds having similar investment objectives and strategies. Lipper makes no
adjustment for the effect of sales loads.
14

15. All Other
2Q05 1Q05 2Q04
($ in millions)
• 2Q loan gains drove the increase in linked
Revenue (FTE) $ 496 $ 98 $ (115) quarter revenue
Securities gains 204 629 801 • The corporation’s total equity investment
gains were $492 million versus $399
Provision exp. (22) 18 139 million in 1Q05
Noninterest exp. 140 203 (109)
Net income $ 433 $ 377 $ 451
15

16. Net Charge-off Trends
$1,000
1.07% 1.09%
$900
0.98%
$800
0.92% 0.89% Commercial net c/o's
0.9%
$700
$600
Consumer net c/o's
$500
$400
Consumer net c/o
0.4%
$300 0.28% ratio
$200
0.09% Commercial net c/o
$100 0.04% 0.05% ratio
-0.01%
$0
2Q04 3Q04 4Q04 1Q05 2Q05
($100) -0.1%
• Credit card losses higher due to minimum payment changes, balance growth, seasoning of
portfolio, return of securitizations to the balance sheet, and bankruptcy legislation changes
• Other consumer credit quality remained strong
• Commercial losses remain below historical lows
16

17. Net Charge-offs
($ in millions) 2Q05 1Q05 2Q04
Amount Percent Amount Percent Amount Percent
Residential mortgage $11 0.03 % $4 0.01 % $12 0.03 %
Home equity lines 9 0.07 6 0.05 5 0.05
Direct/Indirect consumer 46 0.43 61 0.60 49 0.50
Credit card 774 5.91 740 5.85 585 5.45
Other consumer 43 2.48 56 3.12 42 2.10
Total consumer 883 1.09 867 1.07 693 0.92
Commercial - domestic (7) (0.02) 26 0.09 76 0.25
Commercial - foreign (6) (0.15) (29) (0.66) 66 1.47
Commercial real estate 1 0.01 - - (3) (0.04)
Commercial lease financing 9 0.19 25 0.48 (3) (0.06)
Total commercial (3) (0.01) 22 0.05 136 0.28
Total net charge-offs $880 0.68 % $889 0.69 % $829 0.67 %
By Business Segment:
Global Consumer & Small Business Banking $849 2.43 % $811 2.37 % $643 2.00 %
Global Business & Financial Services 12 0.03 88 0.21 85 0.21
Global Capital Markets & Investment Banking (5) (0.07) (43) (0.49) 69 0.72
Global Wealth & Investment Management 5 0.04 - - (4) (0.04)
All Other 19 0.06 33 0.10 36 0.12
Total net charge-offs $880 0.68 % $889 0.69 % $829 0.67 %
17

18. Nonperforming Assets and
Allowance for Credit Losses
$ in millions
$3,500 1.0%
Nonperforming
$3,000 Assets
$2,500
$2,000
0.64% 0.5%
$1,500 0.55% Nonperforming
0.47% 0.44% Assets / Loans,
$1,000
0.36% Leases &
$500 Foreclosed
Properties
$0 0.0%
2Q04 3Q04 4Q04 1Q05 2Q05
2Q04 3Q04 4Q04 1Q05 2Q05
Allowance for credit losses:
Allowance for loan and lease losses $8,767 $8,723 $8,626 $8,313 $8,319
Reserve for unfunded lending commitments 486 446 402 394 383
Total $9,253 $9,169 $9,028 $8,707 $8,702
Allowance for loan and lease losses / Loans 1.76 % 1.70 % 1.65 % 1.57 1.57
Allowance for loan and lease losses / NPLs 305 343 390 401 470
18

19. Nonperforming Asset Trends
$ in millions 2Q05 1Q05 2Q04
Residential mortgage $494 $536 $537
Home equity lines 75 70 42
Direct/Indirect consumer 33 32 31
Other consumer 76 83 99
Total consumer 678 721 709
Commercial - domestic 662 811 1,246
Commercial - foreign 88 228 503
Commercial real estate 60 64 164
Commercial lease financing 282 249 257
Total commercial 1,092 1,352 2,170
Total nonperforming loans and leases 1,770 2,073 2,879
Nonperforming securities 14 153 156
Foreclosed properties 111 112 144
Total nonperforming assets $1,895 $2,338 $3,179
Loans past due 90 days or more and still accruing $1,235 $1,211 $939
Nonperforming assets / Total assets 0.15 % 0.19 % 0.31
Nonperforming assets / Total loans, leases and foreclosed properties 0.36 0.44 0.64
Nonperforming loans and leases / Total loans and leases 0.33 0.39 0.58
19

20. Integration Update
Recap of successful 2005 key Fleet transition events:
Q1 Events:
Migrated former Fleet check sites to Bank of America
Completed Loan Solutions implementation in legacy Fleet stores
Merged Columbia Management investment operations into single accounting platform
Q2 Events:
Converted 1.9 million customers to Model bank in Rhode Island, Massachusetts, New Hampshire,
Maine and Florida
Installed teller and platform equipment (25,000 devices) in 1,572 banking centers
Completed associate training efforts
Consolidated 11 million cards to one platform
Consolidated Fleet and Bank of America brokerage clearing platforms
Converted Private Bank trust accounting and portfolio management systems
Converted automated clearinghouse and wire transfer systems
Merged bank legal entities into one legal entity
Converted Commercial loan systems for Rhode Island, Massachusetts, New Hampshire, Maine and
Florida customers
Direct cost savings achieved in 2Q05 totaled $441 million
Total savings are projected to be $1.85 billion for 2005
During this period of transition we have continued
customer growth in both legacy franchises
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