Bank of America Reports Fourth-quarter 2013 Net Income of $3.4 Billion, or $0.29 per Diluted Share, on Revenue of $21.7 Billion(A)

ME Newswire / Businesswire

CHARLOTTE, N.C - Monday, January 20th 2014

Fourth-quarter 2013 Results Included

    Pretax Negative DVA/FVO Adjustments of $0.6 Billion due to Tightening of the Company's Credit Spreads
    Pretax Litigation Expense of $2.3 Billion
    Effective Tax Rate of 10.6 Percent

Fourth-quarter 2013 Highlights Compared to Year-ago Quarter

    Period-end Consolidated Deposit Balances Increased $14 Billion to Record $1.12 Trillion
    Period-end Loan Balances Increased $20 Billion to $928 Billion
    Combined Debit and Consumer Credit Card Spending Rose 4.0 Percent to $123 Billion
    Period-end Commercial Loan Balances Increased $42 Billion to $396 Billion
    Global Wealth and Investment Management Pretax Margin Increased to 26.6 Percent From 21.1 Percent
    Record Global Banking Revenue of $4.3 Billion, up 9 Percent
    Achieved New BAC and Legacy Assets and Servicing 2013 Cost Savings Targets
    Credit Quality Continued to Improve With Net Charge-offs Down 49 Percent; Ratio at 0.68 Percent
    Basel 1 Tier 1 Common Capital of $145 Billion, Ratio of 11.19 Percent
    Basel 3 Tier 1 Common Capital Ratio of 9.96 Percent, up From 9.25 PercentD

Full-year 2013 Highlights Compared to Full-year 2012

    Nearly $90 Billion in Residential Home Loans and Home Equity Loans Funded in 2013
    More Than 3.9 Million New Consumer Credit Cards Issued in 2013
    Record Earnings of $3 Billion in Global Wealth and Investment Management
    Bank of America Merrill Lynch Gained Market Share and Maintained No. 2 Ranking in Global Investment Banking FeesC
    Liquidity Remained Strong at $376 Billion; Parent Company Time-to-required Funding Improved to 38 Months From 33 Months
    Initiated Capital Return to Shareholders Through Repurchase of $3.2 Billion of Common Stock at an Average Price of $13.90 per Share
Bank of America Corporation today reported net income of $3.4 billion, or $0.29 per diluted share, for the fourth quarter of 2013, compared to $732 million, or $0.03 per diluted share in the year-ago period. Revenue, net of interest expense, on an FTE basisA rose 15 percent from the fourth quarter of 2012 to $21.7 billion.

For the year ended December 31, 2013, net income increased to $11.4 billion, or $0.90 per diluted share, from $4.2 billion, or $0.25 per diluted share, in 2012. Revenue, net of interest expense, on an FTE basisA rose 7 percent to $89.8 billion.

"We are pleased to see the core businesses continue to perform well, serving our customers and clients," said Chief Executive Officer Brian Moynihan. "While work remains on past issues, our two hundred forty thousand teammates continue to do a great job winning in the marketplace."

“We enter this year with one of the strongest balance sheets in our company’s history,” said Chief Financial Officer Bruce Thompson. “Capital and liquidity are at record levels, credit losses are at historic lows, our cost savings initiatives are on track and yielding significant savings, and our businesses are seeing good momentum.”

To view the full release including the tables, please click here

Contacts

Investors May Contact:

Anne Walker, Bank of America, 1.646.855.3644

Lee McEntire, Bank of America, 1.980.388.6780

Jonathan Blum, Bank of America (Fixed Income), 1.212.449.3112



Reporters May Contact:

Jerry Dubrowski, Bank of America, 1.980.388.2840

jerome.f.dubrowski@bankofamerica.com







Permalink: http://me-newswire.net/news/9776/en