Bank of America | The meaning of scale

 BofA reported net income in the third quarter of 2006 rose 41 percent to US$5.42 billion from US$3.84 billion.  But the real message in this press release, is the sheer scale.  Their customer base is double the size of Canada, and similar to the total population of the UK.

The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, nearly 17,000 ATMs and award-winning online banking with more than 20 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries

Source: Bank of America Reports Third Quarter Earnings of US$5.42 Billion, or US$1.18 Per Share

And this growth pattern, is similar to absorbing a small bank!

Retail checking accounts grew by a record 744,000 in the third quarter,
helped by innovative programs such as Keep the Change.(TM) To date,
more than 3 million participating customers have enrolled in Keep the
Change and saved over US$200 million.

 

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