FleetBoston Financial
 Financial Highlights
 
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 Three Months Ended Six Months Ended
 June 30, June 30,  June 30, June 30,
 2003 2002 2003 2002
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 For the Period ($ in millions)
 $624 $(386)  Net Income (Loss) $1,191 $349
 571 (106) Continuing Operations 1,148 630
 53 (280) Discontinued Operations 43 (281)
 2,777 2,652 Revenue 5,538 5,787
 1,594 1,588 Total Expense 3,168 3,145
 Provision for Credit
 285 1,250 Losses 565 1,658
 
 Per Common Share
 Earnings (loss) per share
  $.59 $(.37) - Net Income $1.13 $.32
 .54 (.11) Continuing Operations 1.09 .59
 .05 (.26) Discontinued Operations .04 (.27)
 .35 .35 Cash dividends declared .70 .70
 16.32 15.79 Book value (period-end) 16.32 15.79
 
 At Period-End ($ in billions)
 $197.1 $191.0 Assets $197.1 $191.0
 123.9 116.2 Loans 123.9 116.2
 130.2 121.1 Deposits 130.2 121.1
 Total stockholders'
 17.4 16.8 equity 17.4 16.8
 
 Ratios
 1.27% nm% Return on average assets 1.23% .36%
 14.47 nm Return on common equity 14.08 3.91
 3.76 4.12 Net interest margin 3.83 4.15
 Total equity/assets
 8.9 8.8 (period-end) 8.9 8.8
  Tangible common
 6.5 6.4 equity/assets 6.5 6.4
 Tier 1 risk-based capital
 8.4 8.2 ratio(a) 8.4 8.2
 Total risk-based capital
 11.7 11.8 ratio(a) 11.7 11.8
 
 Asset Quality ($ in millions)
 $2,603 $3,891 Nonperforming assets $2,603 $3,891
 1,277 1,866 Non-Argentine 1,277 1,866
 1,326 2,025 Argentina 1,326 2,025
 3,198 3,867 Reserve for credit
 losses 3,198 3,867
 Nonperforming assets as
 2.09% 3.33% a % of related assets 2.09% 3.33%
 1.05 1.65 Non-Argentine 1.05 1.65
 55.27 57.73 Argentina 55.27 57.73
 Reserve for credit losses
 2.58 3.33 to period-end loans 2.58 3.33
 Reserve for credit losses
 146 113 to nonperforming loans 146 113
 Net charge-offs/average
 1.59 3.29 loans 1.83 2.25
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(a) June 30, 2003 are estimates
 
 
 
 
 FleetBoston Financial
 Consolidated Income Statements
 ($ in millions)
 
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 Three Months Ended Six Months Ended
 June 30, June 30, June 30, June 30,
 2003 2002 2003 2002
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 $1,598 $1,656 Net interest income (FTE)$3,221 $3,388
 Noninterest income:
 Investment services
 379 404 revenue 733 809
 Banking fees and
 391 383 commissions 768 766
 Capital markets-related
 18 (134) revenue  129 132
 155 155 Credit card revenue 311 327
 236 188 Other 376 365
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 1,179 996 Noninterest income 2,317 2,399
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 2,777 2,652 Total revenue 5,538 5,787
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  Noninterest expense:
 Employee compensation
 822 832 and benefits 1,647 1,638
 129 126 Occupancy 258 257
 113 121 Equipment  232 243
 Intangible asset
 19 22 amortization 39 44
 Merger and
 - 9 Restructuring costs - 14
 511  478 Other 992 949
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 1,594 1,588 Total expense 3,168 3,145
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 Income from continuing
 operations before
 provision and income
 1,183 1,064 taxes 2,370 2,642
 Provision for credit
  285 1,250 losses 565 1,658
 Income taxes and tax-
 equivalent adjustment
 from continuing
 327 (80) operations 657 354
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 Net income (loss) from
 $571 $(106) continuing operations $1,148 $630
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 Net Income (loss) from
 discontinued operations,
 53 (280) (net of tax) 43 (281)
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  $624 $(386) Net income (loss) $1,191 $349
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 Diluted earnings (loss)
 per share - continuing
 $.54 $(.11) operations $1.09 $.59
 Diluted earnings (loss)
 .59 (.37) per share 1.13 .32
 
 
 
 
 
 
 FleetBoston Financial
 Consolidated Balance Sheets
 ($ in millions)
 
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 June 30, June 30,
 2003 2002
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 ASSETS:
 Cash and equivalents $13,083 $14,173
 Securities 34,914 29,828
 Trading assets  4,607 3,853
 Loans and leases 123,860 116,201
 Reserve for credit losses (3,198) (3,867)
 Due from brokers/dealers 4,661 4,163
 Other assets 19,201 26,689
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 Total assets $197,128 $191,040
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 LIABILITIES:
 Deposits 130,241 121,114
 Short-term borrowings 16,109 11,715
 Due to brokers/dealers 4,576 4,067
 Long-term debt 17,815 22,654
 Other liabilities 10,949 14,674
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 Total liabilities  179,690 174,224
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 STOCKHOLDERS' EQUITY:
 Preferred stock 271 271
 Common stock 17,167 16,545
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 Total stockholders' equity 17,438 16,816
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 Total liabilities and stockholders' equity $197,128 $191,040
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