Bank of America Corp. (BAC) reported Wednesday that net income applicable to common shareholders for the fourth quarter increased to $7.32 billion or $0.98 per share from $6.54 billion or $0.83 per share in the prior-year quarter.
On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.96 per share for the quarter. Analysts' estimates typically exclude special items.
The provision for credit losses was $1.31 billion, compared to $1.45 billion last year.
Total revenue, net of interest expense, increased 7 percent to $28.37 billion from $26.48 billion in the prior-year quarter, reflecting higher net interest income, asset management fees, and sales and trading revenue. Wall Street expected revenues of $27.74 billion for the quarter.
Net interest income was $15.75 billion, up 10 percent from $14.36 billion last year, driven primarily by higher Global Markets activity, fixed-rate asset repricing, and higher deposit and loan balances, partially offset by the impact of lower interest rates.
Non-interest income increased to $12.62 billion from $12.12 billion last year. Noninterest expense increased 4 percent to $17.44 billion from last year, driven by higher revenue related incentive and transaction expenses, as well as investments in people, brand and technology.
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