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BofA’s Q4 2013 Earnings Quadruple Y/Y

January 16, 2014, 06:58 AM
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Related: Bank of America

Bank of America Corporation reported net income of $3.4 billion for the fourth quarter of 2013, compared to $732 million in the year-ago period. Revenue, net of interest expense, on an FTE basis 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 from $4.2 billion in 2012. Revenue, net of interest expense, on an FTE basis 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 read the full earnings press release, click here.

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