Bank of America reported this morning that it added more than $500 million to managed credit card outstandings during the second quarter, a 2% increase over the first quarter. The surge was driven by new account purchase volume and an increase in balance transfers. However, card profits were only up slightly from last year, and down by 21% compared to the first quarter. Over the past twelve months BofA’s credit card outstandings have increased 9%, to end the second quarter at $27.1 billion. Total card revenues for 2Q/02 were $821 million with net pre-tax income of $189 million. Net income for 1Q/02 was $240 million, and for 2Q/01 it was $183 million. However, charge-offs, as a percentage of average receivables, hit 5.59% for the second quarter compared to 4.94% one year ago. BofA’s delinquency rate also edged up from 5.45% one year ago to 5.54% for 2Q/02. The 30+ day delinquency rate was 3.78% for 2Q/02 compared to 3.81% one year ago, but 90+ day delinquency rose from 1.64% for 2Q/01 to 1.76% for second quarter 2002. BofA also noted this morning that active debit cards increased 8% and purchase volumes rose 15% from a year ago. For complete details on BofA’s latest portfolio performance visit CardData ([www.carddata.com]).