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Wachovia, the 4th largest U.S. bank saw earnings grow 32% in the second quarter compared to last year.

The acquisition fo SouthTrust Corporation and aggressive cost-cutting were cited as the reason for the increase.

Wachovia is a regional bank based in Charlotte, NC.

Other positives include, expense discipline, credit quality and strong sales activity.

Net income rose to $1.65bn ($1.25) or $1.04 per share (95 cents per share).

The results would have been $1.7bn but for merger-related expenses.

Revenue amounted to $6.39bn ($5.51bn).

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