Exhibit 99(b)

	Press Release July 17, 2003
	WACHOVIA EARNS RECORD $1.0 BILLION; 2ND QUARTER EPS UP 24% TO 77 CENTS
Strong Performance Results In 3rd Dividend Increase in 11 Months

2nd QUARTER 2003 COMPARED WITH 2nd QUARTER 2002

• Quarterly dividend increased 21 percent to 35 cents per common share; increased 46 percent since second quarter 2002.

• Total revenue rose 3 percent due to growth in both net interest income and fee income. Growth in fee income was led by record results in retail banking and improved brokerage volume, along with strenghtened trading and other corporate and investment banking income.

• Credit quality continued to improve. Provision expense declined more than 50 percent and total nonperforming assets declined 13 percent.

• Average low-cost core deposits increased 19 percent.

• Wachovia merger conversions nearing completion, with Carolinas branch and deposit conversion successfully completed. Virginia conversion this month.

Earnings Highlights

	Three Months Ended
(In millions, except per share data)	June 30, 2003			March 31, 2003	June 30, 2002
Earnings
Net income available to common stockholders	$	1,031		1,023	849
Diluted earnings per common share(a)	$	0.77		0.76	0.62
Financial ratios
Return on average common stockholders’ equity		12.78	%	12.94	11.52
Net interest margin		3.78		3.86	3.97
Fee and other income as % of total revenue		45.60	%	44.64	45.63
Capital adequacy(b)
Tier 1 capital ratio		8.35	%	8.27	7.83
Total capital ratio		11.94		11.99	11.89
Leverage ratio		6.78	%	6.71	6.75
Asset quality
Allowance as % of nonaccrual and restructured loans		180	%	169	163
Allowance as % of loans, net		1.66		1.67	1.86
Net charge-offs as % of average loans, net		0.43		0.49	0.97
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale		1.04	%	1.08	1.24

(a) Reported diluted earnings per common share included $0.04 per share, $0.03 per share and $0.06 per share of merger-related and restructuring expenses in the second quarter of 2003, the first quarter of 2003 and the second quarter of 2002, respectively.

(b) The second quarter of 2003 is based on estimates.

CHARLOTTE, N.C. —Wachovia Corp. (NYSE:WB) today reported second quarter 2003 net income available to common stockholders of $1.0 billion, or 77 cents per share, compared with $849 million, or 62 cents per share, in the second quarter of 2002. Earnings in the second quarter of 2003 included after-tax net merger-related and restructuring expenses of $60 million, or 4 cents per share. In the second quarter of 2002, earnings included $89 million, or 6 cents per share, of after-tax net merger-related and restructuring expenses.

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS/Page 2

“Our second quarter performance this year was outstanding and in fact we exceeded expectations for the quarter. We are increasingly optimistic about our earnings prospects due to growing revenue momentum and improved credit quality,” said Ken Thompson, chairman and CEO. “ The potential of our balanced business model was clear in the recovery in our brokerage and capital markets businesses as the economy slowly improves. Our distribution strength was evident in record sales of consumer and small business loans, mutual funds, checking accounts and low-cost core deposits. On top of that, a continued strong showing in customer service, solid expense control and further merger savings ahead position us well for the future. In addition, we support the recent change in the tax law and are pleased to share the benefits of our improving performance by increasing our common stock dividend for the third time in 11 months.”

Wachovia Corporation

	Three Months Ended
(In millions)	June 30, 2003		March 31, 2003	June 30, 2002
Total revenue (Tax-equivalent)	$	4,749	4,656	4,625
Provision for loan losses		195	224	397
Noninterest expense		3,004	2,903	2,926
Net income available to common stockholders		1,031	1,023	849
Average loans, net		157,735	157,964	155,348
Average core deposits	$	179,417	172,988	164,510

Average loans in the second quarter of 2003 were $158 billion, a 2 percent increase from the second quarter of 2002, reflecting higher residential mortgage and other consumer installment loan balances, dampened by continued lower corporate loan demand. Average core deposits increased 9 percent from the second quarter of 2002 to $179 billion, while average low-cost core deposits increased 19 percent from the second quarter a year ago to $137 billion.

Second quarter 2003 net charge-offs declined 55 percent from the second quarter of 2002 to $169 million, or an annualized 0.43 percent of average net loans. Total nonperforming assets including loans held for sale declined 13 percent from the second quarter of 2002 to $1.8 billion in the second quarter of 2003.

Lines of Business

The following discussion covers the results for Wachovia’s four core business segments and is on a segment earnings basis, which excludes net merger-related and restructuring expenses and other intangible amortization. Segment earnings are the basis upon which Wachovia manages and allocates capital to its business segments. Pages 10 and 11 include a reconciliation of segment results to Wachovia’s consolidated net income in accordance with GAAP.

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS/Page 3

General Bank Highlights

	Three Months Ended
(In millions)	June 30, 2003		March 31, 2003	June 30, 2002
Total revenue (Tax-equivalent)	$	2,438	2,349	2,270
Provision for loan losses		99	105	98
Noninterest expense		1,324	1,297	1,252
Segment earnings		644	602	583
Average loans, net		113,055	110,882	100,861
Average core deposits		151,166	145,496	139,650
Economic capital, average	$	5,670	5,571	5,738

General Bank

The General Bank includes retail, small business and commercial customers. General Bank revenue increased 7 percent from the second quarter a year ago, driven by a 5 percent increase in net interest income and 14 percent growth in fee income due to strong balance sheet growth and continued strength in mortgage income. Average core deposit growth continued to be strong, up 8 percent from the second quarter of the prior year. Most significantly, average low-cost core deposits continued to grow rapidly, up 20 percent from the second quarter of 2002. Loans increased 12 percent year over year, reflecting strength in consumer and small business lending. Credit quality continued to be strong, with a modest decline in net charge-offs and a stable provision. The 6 percent increase in expenses from the second quarter of 2002 reflected technology enhancements in the financial centers as well as higher staffing. Retail sales momentum was evident, with strength in net new checking accounts, a fivefold increase from the second quarter of 2002 to 93,500.

Capital Management Highlights

	Three Months Ended
(In millions)	June 30, 2003		March 31, 2003	June 30, 2002
Total revenue (Tax-equivalent)	$	821	754	809
Provision for loan losses		—	—	—
Noninterest expense		662	625	657
Segment earnings		100	83	97
Average loans, net		140	134	186
Average core deposits		1,338	1,367	1,269
Economic capital, average	$	710	678	710

Capital Management

Capital Management includes asset management and retail brokerage services. Capital Management’s performance was its best in the past two years of unsettled equity market conditions. Second quarter 2003 revenue rose modestly from the second quarter of 2002 due primarily to growth in assets under management. Sales of fixed income products, including mutual funds and annuities, continued to be strong. The strength of Capital Management’s multi-channel distribution model was evidenced by record sales of Evergreen Fund products through both third party broker-dealers as well as our Wachovia Securities brokerage unit. Total annuity sales increased 2 percent to $1.5 billion, including bank annuity sales of $1.1 billion, which represented a 21 percent increase from the second quarter of 2002. Assets under management at June 30, 2003, increased 4 percent from June 30, 2002, to $240 billion, including a 6 percent increase in mutual fund assets to $115 billion at June 30, 2003. Brokerage client assets increased 4 percent from June 30, 2002, to $282 billion. The Wachovia Securities, LLC, and Prudential Securities, Inc. brokerage combination transaction closed on July 1, 2003. Therefore, second quarter results do not reflect this transaction.

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS/Page 4

Wealth Management Highlights

	Three Months Ended
(In millions)	June 30, 2003		March 31, 2003	June 30, 2002
Total revenue (Tax-equivalent)	$	239	237	239
Provision for loan losses		5	4	7
Noninterest expense		175	170	164
Segment earnings		37	40	43
Average loans, net		9,558	9,339	8,632
Average core deposits		10,817	10,662	9,879
Economic capital, average	$	384	373	360

Wealth Management

Wealth Management includes private banking, personal trust, investment advisory services, charitable services, financial planning and insurance brokerage. Revenue was the same as the second quarter of 2002, as higher net interest income and increased insurance commissions related to the Cameron M. Harris & Co. acquisition were offset by a decline in investment management fees related to lower equity valuations. Net interest income rose 6 percent from the second quarter of 2002 due to increased loan and deposit balances. Average loans grew 11 percent from the second quarter a year ago, while average core deposits, led by money market and checking account balances, rose 9 percent from the second quarter of 2002. Expenses increased 7 percent year over year largely due to the Cameron M. Harris & Co. acquisition completed in the third quarter of 2002, and to higher benefit costs.

Corporate and Investment Bank Highlights

	Three Months Ended
(In millions)	June 30, 2003		March 31, 2003	June 30, 2002
Total revenue (Tax-equivalent)	$	1,100	1,110	1,054
Provision for loan losses		95	110	293
Noninterest expense		567	557	517
Segment earnings		275	279	152
Average loans, net		34,608	36,104	41,580
Average core deposits		14,815	14,120	12,207
Economic capital, average	$	6,042	6,343	7,277

Corporate and Investment Bank

The Corporate and Investment Bank includes corporate lending, investment banking, treasury services and trade finance, and principal investing. Corporate and Investment Bank revenue grew 4 percent from the second quarter of 2002, driven by strong results in fixed income products that more than offset a decline in interest income due to lower loan balances in corporate lending. Provision expense declined by two-thirds from the second quarter of 2002 due to improved credit quality related to risk reduction strategies. The increase in expense was primarily related to revenue-related incentives and strategic initiative spending. Average loans declined due to weak overall demand, while average core deposits increased primarily due to growth in commercial mortgage servicing and international trade finance.

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS/Page 5

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $364 billion and stockholders’ equity of $32 billion at June 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, currently operating under the names Wachovia Securities, LLC, and Prudential Securities Division of Wachovia Securities, LLC, serves clients through 700 offices in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through wachovia.com.

This news release contains various forward-looking statements. A discussion of various factors that could cause Wachovia Corporation’s actual results to differ materially from those expressed in such forward-looking statements is included in Wachovia’s filings with the Securities and Exchange Commission, including its Current Report on Form 8-K dated July 17, 2003.

Explanation of Wachovia’s Use of Certain Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this news release includes the following non-GAAP financial measures presented on Page 7 under the captions “Earnings Excluding Merger-Related and Restructuring Expenses” and “Earnings Excluding Merger-Related and Restructuring Expenses and Other Intangible Amortization”: Return on average common stockholders’ equity, return on average assets, overhead efficiency ratio, operating leverage and dividend payout ratio on common shares. Each of these items on Page 7 has been adjusted to exclude merger-related and restructuring expenses and other intangible amortization, as noted. Included in the footnotes on Page 7 to these non-GAAP measures are the dollar amounts of these adjustments reconciling to the most directly comparable financial measures on a GAAP basis included on Page 6. In addition, in this news release certain designated net interest income amounts are presented on a tax-equivalent basis, including the calculation of the overhead efficiency ratio.

Wachovia believes these non-GAAP financial measures provide information useful to investors in understanding the underlying operational performance of the company, its business and performance trends and facilitates comparisons with the performance of others in the financial services industry. Specifically, Wachovia believes that the exclusion of merger-related and restructuring expenses permits evaluation and a comparison of results for on-going business operations, and it is on this basis that Wachovia’s management internally assesses the company’s performance. Those non-operating items are excluded from Wachovia’s segment measures used internally to evaluate segment performance in accordance with GAAP because management does not consider them particularly relevant or useful in evaluating the operating performance of our business segments. In addition, because of the significant amount of deposit base intangible amortization, Wachovia believes that the exclusion of this expense provides investors with consistent and meaningful comparisons to other financial services firms. Wachovia also believes that the presentation of net interest income on a tax-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry standards. Although Wachovia believes the above non-GAAP financial measures enhance investors’ understanding of the company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP.

Earnings Conference Call and Supplemental Materials

Wachovia CEO Ken Thompson and CFO Bob Kelly will review Wachovia’s second quarter 2003 results in a conference call and audio webcast beginning at 10 a.m. Eastern Time today. This review may include a discussion of certain non-GAAP financial measures. Supplemental materials relating to second quarter results, which also include a reconciliation of any non-GAAP measures to Wachovia’s reported financials, are available on the Internet at wachovia.com/investor, and investors are encouraged to access these materials in advance of the conference call.

Webcast Instructions:    To gain access to the webcast, which will be “listen-only,” go to wachovia.com/investor and click on the link “Wachovia Second Quarter Earnings Audio Webcast.” In order to listen to the webcast, you will need to download either Real Player or Media Player.

Teleconference Instructions:    The telephone number for the conference call is 1-800-857-2613 for U.S. callers or 1-630-395-0022 for international callers. You will be asked to tell the answering coordinator your name and the name of your firm. Mention the conference Access Code: Kelly.

Replay:    Thursday, July 17 at 1 p.m. EDT through 4 p.m. EDT on Friday, August 15. Replay telephone number is 1-402-220-3824.

***

Investors seeking further information should contact the Investor Relations team: Alice Lehman at 704-374-4139 or Ellen Taylor at 704-383-1381. Media seeking further information should contact the Corporate Media Relations team: Mary Eshet at 704-383-7777 or Christy Phillips at 704-383-8178.

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WACHOVIA CORPORATION AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

	2003				2002
(Dollars in millions, except per share data)	Second Quarter			First Quarter	Fourth Quarter		Third Quarter		Second Quarter
EARNINGS SUMMARY
Net interest income	$	2,520		2,514	2,470		2,466		2,461
Tax-equivalent adjustment		63		64	59		54		54
Net interest income (Tax-equivalent)		2,583		2,578	2,529		2,520		2,515
Fee and other income		2,166		2,078	1,978		1,890		2,110
Total revenue (Tax-equivalent)		4,749		4,656	4,507		4,410		4,625
Provision for loan losses		195		224	308		435		397
Other noninterest expense		2,777		2,699	2,750		2,686		2,622
Merger-related and restructuring expenses		96		64	145		107		143
Other intangible amortization		131		140	147		152		161
Total noninterest expense		3,004		2,903	3,042		2,945		2,926
Income before income taxes (Tax-equivalent)		1,550		1,529	1,157		1,030		1,302
Tax-equivalent adjustment		63		64	59		54		54
Income taxes		455		438	203		60		393
Net income		1,032		1,027	895		916		855
Dividends on preferred stock		1		4	4		3		6
Net income available to common stockholders	$	1,031		1,023	891		913		849
Diluted earnings per common share	$	0.77		0.76	0.66		0.66		0.62
Return on average common stockholders’ equity		12.78	%	12.94	11.07		11.63		11.52
Return on average assets		1.21		1.23	1.08		1.13		1.09
Overhead efficiency ratio		63.27	%	62.35	67.51		66.77		63.28
Operating leverage	$	(9	)	289	(2	)	(232	)	(38	)
ASSET QUALITY
Allowance as % of loans, net		1.66	%	1.67	1.72		1.81		1.86
Allowance as % of nonperforming assets		166		158	161		149		150
Net charge-offs as % of average loans, net		0.43		0.49	0.52		0.59		0.97
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale		1.04	%	1.08	1.11		1.23		1.24
CAPITAL ADEQUACY(a)
Tier I capital ratio		8.35	%	8.27	8.22		8.11		7.83
Total capital ratio		11.94		11.99	12.01		12.02		11.89
Leverage ratio		6.78	%	6.71	6.77		6.82		6.75
OTHER DATA
Average diluted common shares (In millions)		1,346		1,346	1,360		1,374		1,375
Actual common shares (In millions)		1,332		1,345	1,357		1,373		1,371
Dividends paid per common share	$	0.29		0.26	0.26		0.26		0.24
Dividends paid per preferred share	$	0.01		0.04	0.04		0.04		0.06
Dividend payout ratio on common shares		37.66	%	34.21	39.39		39.39		38.71
Book value per common share	$	24.37		23.99	23.63		23.38		22.15
Common stock price		39.96		34.07	36.44		32.69		38.18
Market capitalization	$	53,228		45,828	49,461		44,887		52,347
Common stock to book price		164	%	142	154		140		172
FTE employees		81,316		81,152	80,778		80,987		82,686
Total financial centers/brokerage offices		3,176		3,251	3,280		3,342		3,347
ATMs		4,479		4,539	4,560		4,604		4,617

(a) The second quarter of 2003 is based on estimates.

PAGE 7

WACHOVIA CORPORATION AND SUBSIDIARIES

OTHER FINANCIAL DATA

(Unaudited)

	2003				2002
(In millions)	Second Quarter			First Quarter	Fourth Quarter	Third Quarter		Second Quarter
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES(a)(b)
Return on average common stockholders’ equity		13.49	%	13.45	12.13	12.44		12.72
Return on average assets		1.28		1.28	1.19	1.21		1.20
Overhead efficiency ratio		61.26	%	60.96	64.30	64.33		60.19
Operating leverage	$	22		209	36	(267	)	113
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES AND OTHER INTANGIBLE AMORTIZATION(a)(b)(c)
Dividend payout ratio on common shares		33.33	%	30.23	33.33	33.33		31.58
Return on average tangible common stockholders’ equity		23.32		23.71	21.52	22.84		24.66
Return on average tangible assets		1.43		1.44	1.34	1.39		1.39
Overhead efficiency ratio		58.50	%	57.97	61.04	60.87		56.72
Operating leverage	$	13		202	30	(275	)	105
OTHER FINANCIAL DATA
Net interest margin		3.78	%	3.86	3.86	3.94		3.97
Fee and other income as % of total revenue		45.60		44.64	43.89	42.86		45.63
Effective income tax rate		30.54		29.94	18.39	6.20		31.46
Tax rate (Tax-equivalent)(d)		33.37	%	32.86	22.50	11.20		34.27
AVERAGE BALANCE SHEET DATA
Commercial loans, net	$	92,464		93,039	95,064	96,769		98,529
Consumer loans, net		65,271		64,925	58,215	55,159		56,819
Loans, net		157,735		157,964	153,279	151,928		155,348
Earning assets		273,875		268,595	261,103	254,815		253,829
Total assets		341,718		337,281	329,960	321,511		314,714
Core deposits		179,417		172,988	170,738	167,184		164,510
Total deposits		193,800		188,948	187,442	179,809		177,925
Interest-bearing liabilities		239,688		237,149	230,611	223,176		223,407
Stockholders’ equity	$	32,362		32,052	31,946	31,103		29,576
PERIOD-END BALANCE SHEET DATA
Commercial loans, net	$	97,303		98,800	98,905	101,931		102,780
Consumer loans, net		65,530		65,422	64,192	55,611		56,020
Loans, net		162,833		164,222	163,097	157,542		158,800
Goodwill and other intangible assets
Goodwill		10,907		10,869	10,880	10,810		10,728
Deposit base		977		1,097	1,225	1,363		1,508
Customer relationships		254		258	239	222		229
Tradename		90		90	90	90		90
Total assets		364,285		348,064	341,839	333,880		324,679
Core deposits		187,393		181,234	175,743	173,697		166,779
Total deposits		201,292		195,837	191,518	187,785		180,663
Stockholders’ equity	$	32,464		32,267	32,078	32,105		30,379

(a) These financial measures are calculated by excluding from GAAP computed net income presented on the preceding page of $60 million, $40 million, $92 million, $67 million and $89 million in the second and first quarters of 2003, and in the fourth, third and second quarters of 2002, respectively, in after-tax net merger-related and restructuring expenses.

(b) See the preceding page for the most directly comparable GAAP financial measure.

(c) These financial measures are calculated by excluding from GAAP computed net income presented on the preceding page of $81 million, $88 million, $83 million, $98 million and $103 million in the second and first quarters of 2003, and in the fourth, third and second quarters of 2002, respectively, in deposit base and other intangible amortization.

(d) The tax-equivalent tax rate applies to fully tax-equivalized revenues.

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WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	2003					2002
(In millions, except per share data)	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter
INTEREST INCOME
Interest and fees on loans	$	2,391		2,407		2,538		2,558		2,563
Interest and dividends on securities		900		939		978		935		906
Trading account interest		179		174		158		179		173
Other interest income		224		196		203		240		252
Total interest income		3,694		3,716		3,877		3,912		3,894
INTEREST EXPENSE
Interest on deposits		619		639		832		847		836
Interest on short-term borrowings		321		306		295		310		300
Interest on long-term debt		234		257		280		289		297
Total interest expense		1,174		1,202		1,407		1,446		1,433
Net interest income		2,520		2,514		2,470		2,466		2,461
Provision for loan losses		195		224		308		435		397
Net interest income after provision for loan losses		2,325		2,290		2,162		2,031		2,064
FEE AND OTHER INCOME
Service charges		426		430		421		432		420
Other banking fees		248		233		236		232		241
Commissions		488		444		473		458		481
Fiduciary and asset management fees		461		438		439		427		466
Advisory, underwriting and other investment banking fees		208		137		182		143		192
Trading account profits (losses)		69		100		(42	)	(71	)	33
Principal investing		(57	)	(44	)	(105	)	(29	)	(42	)
Securities gains		10		37		46		71		58
Other income		313		303		328		227		261
Total fee and other income		2,166		2,078		1,978		1,890		2,110
NONINTEREST EXPENSE
Salaries and employee benefits		1,748		1,699		1,681		1,588		1,665
Occupancy		190		197		202		195		194
Equipment		238		234		255		234		231
Advertising		34		32		16		20		25
Communications and supplies		136		141		143		136		132
Professional and consulting fees		104		99		126		111		96
Other intangible amortization		131		140		147		152		161
Merger-related and restructuring expenses		96		64		145		107		143
Sundry expense		327		297		327		402		279
Total noninterest expense		3,004		2,903		3,042		2,945		2,926
Income before income taxes		1,487		1,465		1,098		976		1,248
Income taxes		455		438		203		60		393
Net income		1,032		1,027		895		916		855
Dividends on preferred stock		1		4		4		3		6
Net income available to common stockholders	$	1,031		1,023		891		913		849
PER COMMON SHARE DATA
Basic earnings	$	0.77		0.77		0.66		0.67		0.62
Diluted earnings		0.77		0.76		0.66		0.66		0.62
Cash dividends	$	0.29		0.26		0.26		0.26		0.24
AVERAGE COMMON SHARES
Basic		1,333		1,335		1,350		1,362		1,360
Diluted		1,346		1,346		1,360		1,374		1,375

PAGE 9

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Six Months Ended June 30,
(In millions, except per share data)	2003			2002
INTEREST INCOME
Interest and fees on loans	$	4,798		5,200
Interest and dividends on securities		1,839		1,762
Trading account interest		353		328
Other interest income		420		507
Total interest income		7,410		7,797
INTEREST EXPENSE
Interest on deposits		1,258		1,751
Interest on short-term borrowings		627		586
Interest on long-term debt		491		573
Total interest expense		2,376		2,910
Net interest income		5,034		4,887
Provision for loan losses		419		736
Net interest income after provision for loan losses		4,615		4,151
FEE AND OTHER INCOME
Service charges		856		845
Other banking fees		481		477
Commissions		932		945
Fiduciary and asset management fees		899		943
Advisory, underwriting and other investment banking fees		345		328
Trading account profits		169		137
Principal investing		(101	)	(132	)
Securities gains		47		52
Other income		616		542
Total fee and other income		4,244		4,137
NONINTEREST EXPENSE
Salaries and employee benefits		3,447		3,328
Occupancy		387		389
Equipment		472		457
Advertising		66		44
Communications and supplies		277		266
Professional and consulting fees		203		184
Other intangible amortization		271		329
Merger-related and restructuring expenses		160		135
Sundry expense		624		563
Total noninterest expense		5,907		5,695
Income before income taxes		2,952		2,593
Income taxes		893		825
Net income		2,059		1,768
Dividends on preferred stock		5		12
Net income available to common stockholders	$	2,054		1,756
PER COMMON SHARE DATA
Basic earnings	$	1.54		1.29
Diluted earnings		1.53		1.28
Cash dividends	$	0.55		0.48
AVERAGE COMMON SHARES
Basic		1,334		1,357
Diluted		1,346		1,370

PAGE 10

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended June 30, 2003
(In millions)	General Bank		Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses(b)		Total
CONSOLIDATED
Net interest income(a)	$	1,812	37		106	551		77		(63	)	2,520
Fee and other income		581	800		131	578		76		—		2,166
Intersegment revenue		45	(16	)	2	(29	)	(2	)	—		—
Total revenue		2,438	821		239	1,100		151		(63	)	4,686
Provision for loan losses		99	—		5	95		(4	)	—		195
Noninterest expense		1,324	662		175	567		180		96		3,004
Income taxes (benefits)		361	59		22	132		(83	)	(36	)	455
Tax-equivalent adjustment		10	—		—	31		22		(63	)	—
Net income		644	100		37	275		36		(60	)	1,032
Dividends on preferred stock		—	—		—	—		1		—		1
Net income available to common stockholders	$	644	100		37	275		35		(60	)	1,031

	Three Months Ended March 31, 2003
(In millions)	General Bank		Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses(b)		Total
CONSOLIDATED
Net interest income(a)	$	1,744	38		103	565		128		(64	)	2,514
Fee and other income		562	735		133	571		77		—		2,078
Intersegment revenue		43	(19	)	1	(26	)	1		—		—
Total revenue		2,349	754		237	1,110		206		(64	)	4,592
Provision for loan losses		105	—		4	110		5		—		224
Noninterest expense		1,297	625		170	557		190		64		2,903
Income taxes (benefits)		335	46		23	138		(80	)	(24	)	438
Tax-equivalent adjustment		10	—		—	26		28		(64	)	—
Net income		602	83		40	279		63		(40	)	1,027
Dividends on preferred stock		—	—		—	—		4		—		4
Net income available to common stockholders	$	602	83		40	279		59		(40	)	1,023

PAGE 11

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended June 30, 2002
(In millions)	General Bank		Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses(b)		Total
CONSOLIDATED
Net interest income(a)	$	1,720	40		100	583		72		(54	)	2,461
Fee and other income		508	788		137	495		182		—		2,110
Intersegment revenue		42	(19	)	2	(24	)	(1	)	—		—
Total revenue		2,270	809		239	1,054		253		(54	)	4,571
Provision for loan losses		98	—		7	293		(1	)	—		397
Noninterest expense		1,252	657		164	517		193		143		2,926
Income taxes (benefits)		327	55		25	65		(25	)	(54	)	393
Tax-equivalent adjustment		10	—		—	27		17		(54	)	—
Net income		583	97		43	152		69		(89	)	855
Dividends on preferred stock		—	—		—	—		6		—		6
Net income available to common stockholders	$	583	97		43	152		63		(89	)	849

(a) Tax-equivalent.

(b) The tax-equivalent amounts are eliminated herein in order for “Total” amounts to agree with amounts appearing in the Consolidated Statements of Income.

PAGE 12

WACHOVIA CORPORATION AND SUBSIDIARIES

LOANS—ON-BALANCE SHEET, AND MANAGED AND SERVICING PORTFOLIOS

(Unaudited)

	2003			2002
(In millions)	Second Quarter		First Quarter	Fourth Quarter	Third Quarter	Second Quarter
ON-BALANCE SHEET LOAN PORTFOLIO
COMMERCIAL
Commercial, financial and agricultural	$	54,857	56,476	56,501	57,899	57,984
Real estate—construction and other		6,827	6,833	6,849	7,558	8,035
Real estate—mortgage		16,153	16,429	16,655	16,967	17,349
Lease financing		23,204	23,060	22,667	22,616	22,044
Foreign		6,622	6,433	6,425	6,992	7,241
Total commercial		107,663	109,231	109,097	112,032	112,653
CONSUMER
Real estate—mortgage		25,564	25,288	24,979	17,527	19,803
Installment loans		39,577	39,748	38,817	37,889	35,940
Vehicle leasing		13	35	80	43	168
Total consumer		65,154	65,071	63,876	55,459	55,911
Total loans		172,817	174,302	172,973	167,491	168,564
Unearned income		9,984	10,080	9,876	9,949	9,764
Loans, net (On-balance sheet)	$	162,833	164,222	163,097	157,542	158,800
MANAGED PORTFOLIO(a)
COMMERCIAL
On-balance sheet loan portfolio	$	107,663	109,231	109,097	112,032	112,653
Securitized loans—off-balance sheet		2,126	2,190	2,218	2,288	2,318
Loans held for sale included in other assets		1,282	1,617	1,140	1,271	779
Total commercial		111,071	113,038	112,455	115,591	115,750
CONSUMER
Real estate—mortgage
On-balance sheet loan portfolio		25,564	25,288	24,979	17,527	19,803
Securitized loans—off-balance sheet		185	251	325	397	—
Securitized loans included in securities		3,762	4,971	6,223	7,268	5,761
Loans held for sale included in other assets		2,696	2,154	2,719	2,474	1,387
Total real estate—mortgage		32,207	32,664	34,246	27,666	26,951
Installment loans
On-balance sheet loan portfolio		39,577	39,748	38,817	37,889	35,940
Securitized loans—off-balance sheet		11,706	13,068	13,217	13,164	13,379
Securitized loans included in securities		9,253	9,842	11,093	11,695	8,918
Loans held for sale included in other assets		6,110	3,690	2,153	2,512	6,232
Total installment loans		66,646	66,348	65,280	65,260	64,469
Vehicle leasing—on-balance sheet loan portfolio		13	35	80	43	168
Total consumer		98,866	99,047	99,606	92,969	91,588
Total managed portfolio	$	209,937	212,085	212,061	208,560	207,338
SERVICING PORTFOLIO(b)
Commercial	$	73,128	65,076	59,336	53,611	50,001
Consumer	$	6,581	2,236	2,272	2,490	1,773

(a) The managed portfolio includes the on-balance sheet loan portfolio, loans securitized for which the assets are classified in securities on-balance sheet, loans held for sale that are classified in other assets on-balance sheet and the off-balance sheet portfolio of securitized loans sold, where we service the loans.

(b) The servicing portfolio consists of third party commercial and consumer loans for which our sole function is that of servicing the loans for the third parties.

PAGE 13

WACHOVIA CORPORATION AND SUBSIDIARIES

ALLOWANCE FOR LOAN LOSSES AND NONPERFORMING ASSETS

(Unaudited)

	2003					2002
(In millions)	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter
ALLOWANCE FOR LOAN LOSSES
Balance, beginning of period	$	2,747		2,798		2,847		2,951		2,986
Provision for loan losses relating to loans transferred to other assets or sold		26		25		109		211		23
Provision for loan losses		169		199		199		224		374
Allowance relating to loans acquired, transferred to other assets or sold		(69	)	(80	)	(158	)	(315	)	(58	)
Net charge-offs		(169	)	(195	)	(199	)	(224	)	(374	)
Balance, end of period	$	2,704		2,747		2,798		2,847		2,951
as % of loans, net		1.66	%	1.67		1.72		1.81		1.86
as % of nonaccrual and restructured loans(a)		180	%	169		177		163		163
as % of nonperforming assets(a)		166	%	158		161		149		150
LOAN LOSSES
Commercial, financial and agricultural	$	128		150		136		160		319
Real estate—commercial construction and mortgage		7		2		12		5		3
Real estate—residential mortgage		2		2		1		3		1
Installment loans and vehicle leasing		89		91		91		91		86
Total loan losses		226		245		240		259		409
LOAN RECOVERIES
Commercial, financial and agricultural		37		29		24		17		16
Real estate—commercial construction and mortgage		1		—		—		—		2
Real estate—residential mortgage		1		—		1		—		—
Installment loans and vehicle leasing		18		21		16		18		17
Total loan recoveries		57		50		41		35		35
Net charge-offs	$	169		195		199		224		374
Commercial loans net charge-offs as % of average commercial loans, net(b)		0.42	%	0.53		0.53		0.61		1.24
Consumer loans net charge-offs as % of average consumer loans, net(b)		0.44		0.44		0.52		0.56		0.48
Total net charge-offs as % of average loans, net(b)		0.43	%	0.49		0.52		0.59		0.97
NONPERFORMING ASSETS
Nonaccrual loans
Commercial, financial and agricultural	$	1,153		1,260		1,269		1,440		1,456
Real estate—commercial construction and mortgage		96		111		105		137		144
Real estate—residential mortgage		82		73		79		62		60
Installment loans and vehicle leasing		170		178		132		112		145
Total nonaccrual loans		1,501		1,622		1,585		1,751		1,805
Foreclosed properties(c)		130		118		150		156		156
Total nonperforming assets	$	1,631		1,740		1,735		1,907		1,961
Nonperforming loans included in loans held for sale(d)	$	167		114		138		115		108
Nonperforming assets included in loans and in loans held for sale	$	1,798		1,854		1,873		2,022		2,069
as % of loans, net, and foreclosed properties(a)		1.00	%	1.06		1.06		1.21		1.23
as % of loans, net, foreclosed properties and loans in other assets as held for sale(d)		1.04	%	1.08		1.11		1.23		1.24
Accruing loans past due 90 days	$	293		289		304		284		250

(a) These ratios do not include nonperforming loans held for sale.

(b) Annualized.

(c) Restructured loans are not significant.

(d) These ratios reflect nonperforming loans included in loans held for sale. Loans held for sale, which are included in other assets, are recorded at the lower of cost or market value, and accordingly, the amounts shown and included in the ratios are net of the transferred allowance for loan losses and the lower of cost or market value adjustments.

PAGE 14

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	2003					2002
(In millions, except per share data)	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter
ASSETS
Cash and due from banks	$	13,088		13,161		12,264		11,930		10,668
Interest-bearing bank balances		7,539		4,855		3,512		3,561		2,269
Federal funds sold and securities purchased under resale agreements		13,854		11,092		9,160		7,132		11,541
Total cash and cash equivalents		34,481		29,108		24,936		22,623		24,478
Trading account assets		40,436		34,678		33,155		35,902		34,570
Securities		73,764		73,339		75,804		72,071		60,999
Loans, net of unearned income		162,833		164,222		163,097		157,542		158,800
Allowance for loan losses		(2,704	)	(2,747	)	(2,798	)	(2,847	)	(2,951	)
Loans, net		160,129		161,475		160,299		154,695		155,849
Premises and equipment		4,635		5,118		4,903		5,422		5,494
Due from customers on acceptances		1,074		1,485		1,051		1,080		1,105
Goodwill		10,907		10,869		10,880		10,810		10,728
Other intangible assets		1,321		1,445		1,554		1,675		1,827
Other assets		37,538		30,547		29,257		29,602		29,629
Total assets	$	364,285		348,064		341,839		333,880		324,679
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-bearing deposits		48,081		46,348		44,640		44,186		39,558
Interest-bearing deposits		153,211		149,489		146,878		143,599		141,105
Total deposits		201,292		195,837		191,518		187,785		180,663
Short-term borrowings		49,123		44,812		41,173		36,350		39,148
Bank acceptances outstanding		1,078		1,492		1,061		1,093		1,110
Trading account liabilities		25,141		20,896		22,900		22,210		22,445
Other liabilities		18,136		13,556		13,447		14,579		13,003
Long-term debt		37,051		39,204		39,662		39,758		37,931
Total liabilities		331,821		315,797		309,761		301,775		294,300
STOCKHOLDERS’ EQUITY
Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at June 30, 2003		—		—		—		2		5
Common stock, $3.33-1/3 par value; authorized 3 billion shares, outstanding 1.332 billion shares at June 30, 2003		4,440		4,484		4,524		4,577		4,570
Paid-in capital		17,784		17,903		18,070		18,233		18,106
Retained earnings		8,106		7,778		7,349		7,221		6,663
Accumulated other comprehensive income, net		2,134		2,102		2,135		2,072		1,035
Total stockholders’ equity		32,464		32,267		32,078		32,105		30,379
Total liabilities and stockholders’ equity	$	364,285		348,064		341,839		333,880		324,679

PAGE 15

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES

(Unaudited)

	Second Quarter 2003						First Quarter 2003
(In millions)	Average   Balances		Interest Income/Expense		Average Rates Earned/Paid		Average Balances		Interest Income/Expense		Average Rates Earned/Paid
ASSETS
Interest-bearing bank balances	$	4,751		16	1.34	%	$	3,688		13	1.43	%
Federal funds sold and securities purchased under resale agreements		12,282		35	1.10			8,949		29	1.33
Trading account assets		18,254		200	4.40			16,298		196	4.84
Securities		68,994		977	5.67			72,116		1,020	5.66
Loans
Commercial
Commercial, financial and agricultural		55,726		584	4.20			56,464		593	4.26
Real estate—construction and other		6,901		61	3.54			6,800		60	3.57
Real estate—mortgage		16,325		189	4.66			16,537		192	4.69
Lease financing		6,885		187	10.87			6,777		184	10.86
Foreign		6,627		47	2.89			6,461		50	3.11
Total commercial		92,464		1,068	4.63			93,039		1,079	4.69
Consumer
Real estate—mortgage		25,290		314	4.97			25,292		333	5.27
Installment loans and vehicle leasing		39,981		621	6.22			39,633		625	6.38
Total consumer		65,271		935	5.73			64,925		958	5.95
Total loans		157,735		2,003	5.09			157,964		2,037	5.21
Other earning assets		11,859		134	4.52			9,580		114	4.81
Total earning assets excluding derivatives		273,875		3,365	4.92			268,595		3,409	5.11
Risk management derivatives(a)		—		392	0.57			—		371	0.56
Total earning assets including derivatives		273,875		3,757	5.49			268,595		3,780	5.67
Cash and due from banks		10,845						10,887
Other assets		56,998						57,799
Total assets	$	341,718					$	337,281
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		52,196		71	0.55			50,887		79	0.63
Money market accounts		53,302		156	1.18			47,987		142	1.20
Other consumer time		31,330		243	3.09			32,671		263	3.27
Foreign		6,841		24	1.44			7,304		27	1.47
Other time		7,542		35	1.88			8,656		42	1.97
Total interest-bearing deposits		151,211		529	1.40			147,505		553	1.52
Federal funds purchased and securities sold under repurchase agreements		37,957		149	1.57			37,392		147	1.60
Commercial paper		2,381		5	0.80			2,604		4	0.70
Securities sold short		8,121		58	2.84			6,734		44	2.67
Other short-term borrowings		4,267		15	1.44			4,170		18	1.72
Debentures and capital notes		35,751		366	4.10			38,744		388	4.01
Total interest-bearing liabilities excluding derivatives		239,688		1,122	1.88			237,149		1,154	1.97
Risk management derivatives(a)		—		52	0.08			—		48	0.08
Total interest-bearing liabilities including derivatives		239,688		1,174	1.96			237,149		1,202	2.05
Noninterest-bearing deposits		42,589						41,443
Other liabilities		27,079						26,637
Stockholders’ equity		32,362						32,052
Total liabilities and stockholders’ equity	$	341,718					$	337,281
Interest income and rate earned—including derivatives			$	3,757	5.49	%			$	3,780	5.67	%
Interest expense and equivalent rate paid—including derivatives				1,174	1.71					1,202	1.81
Net interest income and margin—including derivatives			$	2,583	3.78	%			$	2,578	3.86	%

(a) The rates earned and the rates paid on risk management derivatives are based on off-balance sheet notional amounts. The fair value of these instruments is included in other assets and other liabilities.

PAGE 16

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES

(Unaudited)

Fourth Quarter 2002						Third Quarter 2002						Second Quarter 2002
Average   Balances		Interest Income/Expense		Average Rates Earned/Paid		Average   Balances		Interest Income/Expense		Average Rates Earned/Paid		Average   Balances		Interest Income/Expense		Average Rates Earned/Paid
$	3,416		14	1.59	%	$	2,891		14	1.90	%	$	2,613		13	2.02	%
	9,507		39	1.63			10,474		49	1.83			10,835		52	1.97
	14,683		178	4.83			14,945		194	5.17			15,503		186	4.79
	71,249		1,045	5.86			62,806		999	6.36			58,169		967	6.65
	57,318		663	4.58			57,788		693	4.76			58,760		710	4.84
	7,133		68	3.80			7,809		81	4.10			8,115		84	4.19
	16,770		214	5.06			17,188		228	5.26			17,310		231	5.36
	7,112		187	10.53			7,105		189	10.65			7,286		193	10.60
	6,731		58	3.43			6,879		59	3.41			7,058		60	3.37
	95,064		1,190	4.97			96,769		1,250	5.13			98,529		1,278	5.20
	19,294		295	6.12			18,968		294	6.20			20,102		319	6.35
	38,921		655	6.69			36,191		651	7.15			36,717		662	7.22
	58,215		950	6.50			55,159		945	6.82			56,819		981	6.91
	153,279		2,140	5.55			151,928		2,195	5.75			155,348		2,259	5.83
	8,969		115	5.10			11,771		144	4.86			11,361		154	5.42
	261,103		3,531	5.39			254,815		3,595	5.62			253,829		3,631	5.73
	—		405	0.61			—		371	0.58			—		317	0.50
	261,103		3,936	6.00			254,815		3,966	6.20			253,829		3,948	6.23
	10,636						9,955						10,110
	58,221						56,741						50,775
$	329,960					$	321,511					$	314,714
	49,768		99	0.79			48,883		115	0.93			49,060		122	1.00
	45,618		156	1.35			43,495		167	1.53			40,035		171	1.71
	34,834		331	3.78			36,034		347	3.82			36,967		365	3.96
	8,030		33	1.59			6,491		30	1.84			7,195		33	1.88
	8,674		45	2.08			6,134		33	2.13			6,220		32	2.00
	146,924		664	1.79			141,037		692	1.95			139,477		723	2.08
	32,608		149	1.81			32,094		149	1.85			32,109		145	1.80
	2,796		7	0.87			3,001		9	1.19			3,027		8	1.18
	5,644		35	2.44			6,422		42	2.58			6,671		40	2.45
	3,881		15	1.67			3,082		18	2.25			3,368		22	2.60
	38,758		405	4.18			37,540		412	4.38			38,755		420	4.34
	230,611		1,275	2.20			223,176		1,322	2.35			223,407		1,358	2.44
	—		132	0.22			—		124	0.22			—		75	0.13
	230,611		1,407	2.42			223,176		1,446	2.57			223,407		1,433	2.57
	40,518						38,772						38,448
	26,885						28,460						23,283
	31,946						31,103						29,576
$	329,960					$	321,511					$	314,714
		$	3,936	6.00	%			$	3,966	6.20	%			$	3,948	6.23	%
			1,407	2.14					1,446	2.26					1,433	2.26
		$	2,529	3.86	%			$	2,520	3.94	%			$	2,515	3.97	%

PAGE 17

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES(a)

(Unaudited)

	Six Months Ended 2003						Six Months Ended 2002
(In millions)	Average   Balances		Interest Income/ Expense		Average Rates Earned/ Paid		Average   Balances		Interest Income/ Expense		Average Rates Earned/ Paid
ASSETS
Interest-bearing bank balances	$	4,222		29	1.38	%	$	3,472		35	2.05	%
Federal funds sold and securities purchased under resale agreements		10,624		64	1.20			11,424		107	1.91
Trading account assets		17,281		396	4.61			14,733		351	4.78
Securities		70,546		1,997	5.67			57,177		1,881	6.58
Loans
Commercial
Commercial, financial and agricultural		56,092		1,177	4.23			59,451		1,430	4.85
Real estate—construction and other		6,851		121	3.55			8,120		170	4.23
Real estate—mortgage		16,431		381	4.68			17,237		469	5.49
Lease financing		6,831		371	10.86			7,364		386	10.48
Foreign		6,545		97	3.00			6,945		122	3.54
Total commercial		92,750		2,147	4.66			99,117		2,577	5.24
Consumer
Real estate—mortgage		25,291		647	5.12			20,769		673	6.48
Installment loans and vehicle leasing		39,808		1,246	6.30			36,445		1,328	7.34
Total consumer		65,099		1,893	5.84			57,214		2,001	7.03
Total loans		157,849		4,040	5.15			156,331		4,578	5.89
Other earning assets		10,728		248	4.65			11,218		294	5.28
Total earning assets excluding derivatives		271,250		6,774	5.01			254,355		7,246	5.72
Risk management derivatives(b)		—		763	0.57			—		656	0.52
Total earning assets including derivatives		271,250		7,537	5.58			254,355		7,902	6.24
Cash and due from banks		10,866						10,331
Other assets		57,396						50,331
Total assets	$	339,512					$	315,017
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		51,545		150	0.59			48,852		250	1.03
Money market accounts		50,659		298	1.19			38,819		334	1.73
Other consumer time		31,997		506	3.18			37,567		764	4.10
Foreign		7,071		51	1.46			7,385		68	1.87
Other time		8,096		77	1.93			7,165		75	2.11
Total interest-bearing deposits		149,368		1,082	1.46			139,788		1,491	2.15
Federal funds purchased and securities sold under repurchase agreements		37,676		296	1.58			32,132		291	1.82
Commercial paper		2,492		9	0.75			3,231		18	1.16
Securities sold short		7,431		102	2.76			6,616		78	2.39
Other short-term borrowings		4,219		33	1.58			3,676		49	2.69
Debentures and capital notes		37,240		754	4.05			39,669		850	4.29
Total interest-bearing liabilities excluding derivatives		238,426		2,276	1.92			225,112		2,777	2.48
Risk management derivatives(b)		—		100	0.09			—		133	0.12
Total interest-bearing liabilities including derivatives		238,426		2,376	2.01			225,112		2,910	2.60
Noninterest-bearing deposits		42,019						38,289
Other liabilities		26,859						22,374
Stockholders’ equity		32,208						29,242
Total liabilities and stockholders’ equity	$	339,512					$	315,017
Interest income and rate earned—including derivatives			$	7,537	5.58	%			$	7,902	6.24	%
Interest expense and equivalent rate paid—including derivatives				2,376	1.76					2,910	2.30
Net interest income and margin—including derivatives			$	5,161	3.82	%			$	4,992	3.94	%

(a) Certain amounts presented in 2002 have been reclassified to conform to the presentation in 2003.

(b) The rates earned and the rates paid on risk management derivatives are based on off-balance sheet notional amounts. The fair value of these instruments is included in other assets and other liabilities.