By Alabama Public Radio
Birmingham, AL – Wachovia says its second-quarter earnings are up 32 percent from 2004 thanks in part to its acquisition of Birmingham-based SouthTrust as well as because of expense reductions. The company says net income grew to $1.04 per share. That's up from $0.95 per share in 2004. Excluding merger-related expenses, the company says latest-quarter results would have equaled $1.07 per share. Revenue totaled $6.39 billion. That's up 16 percent from $5.5 billion in 2004. The company says results were boosted by the successful merger with SouthTrust, what it calls expense discipline, good credit quality and strong sales activity.