FleetBoston announced this morning a loss for the fourth quarter of $507 million due to fourth quarter charges of $650 million primarily related to valuation adjustments in principal investing and loan reserve strengthening, and $538 million of after-tax charges related to Argentina. Fleet posted a 6% annual gain in receivables during 2001 while the issuer’s charge volume soared by 28%. Fleet reported 5,508,000 active accounts for the fourth quarter compared to 5,240,000 for 3Q/01 and 5,300,000 one year ago. For latest 4Q/01 portfolio stats for the nation’s top 350 issuers visit CardData (www.carddata.com).
FLEET TRACK RECORD
4Q/01 3Q/01 2Q/01 1Q/01 4Q/00 Y/Y CHG
RECV $15.6b $14.6b $14.5b $14.1b $14.7b +6.1%
VOL $ 6.8b $ 5.8b $ 5.5b $ 4.3b $ 5.3b +28.3%
ACCTS 7.0m 7.2m 6.6m 6.5m 6.8m +2.9%
Source: CardData (www.carddata.com)