First quarter profits at

Bank of America

(BAC) - Get Report

rose 11%, while net income at

FleetBoston Financial

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dropped 21%, with both banks performing pretty much as expected.

BofA, based in Charlotte, N.C., earned $2.42 billion, or $1.59 a share, compared to $2.18 billion, or $1.38 a share, in the year ago period. The bank's earnings were fueled by strong income growth in its consumer and mortgage banking business.

The Thomson Financial/First Call consensus estimated called for the bank to earn $1.48 a share.

Boston-based Fleet, meanwhile, turned in another weak quarter.

Fleet earned $567 million, or 54 cents a share, compared to $735 million, or 70 cents a share a year ago. Expenses at the bank remained steady compared to last year, but total revenues declined by about 12% to $2.76 billion.

The consensus estimate called for the bank to earn 55 cents a share. Fleet matched that estimate, when looking at its earnings on a continuing operations basis. Using that analysis, the bank earned $577 million in the quarter, or 55 cents a share.