The company reported strong results for the fourth quarter and for the year as a whole. Fourth quarter 2000 diluted earnings per common share of $0.89 represents a 13% increase over the fourth quarter 1999, says Clarke. Net income for the fourth quarter 2000 was $663 million, compared to $594 million for the same period a year ago and $645 million for third quarter 2000.

The company reports that total revenues for 2000 reached $4.457 billion, a 10% increase over 1999 total revenues of $4.055 billion. Fourth quarter 2000 revenues were $1.159 billion, an increase of 10% over fourth quarter 1999 at $1.049 billion, and up from $1.125 billion in third quarter 2000. Net interest income on earning assets totaled $2.838 billion for 2000, a 12% percent growth from 1999 net interest income on earning assets of $2.540 billion.

The increase in net interest income for 2000 was driven by a $53.5 billion, or 18%, increase in the average balance of the retained portfolio. Net interest income on earning assets grew to $738 million in fourth quarter 2000, compared to $664 million in fourth quarter 1999 and $737 million in third quarter 2000. The increase in net interest income from third quarter 2000 was driven by a $15.7 billion, or 4%, increase in the average balance of the retained portfolio, Clarke said.