The consumer banking division of Bank of America (BofA) has posted a net income of $1.79bn for the fourth quarter of 2015, an increase of 8.7%compared to $1.65bn in the year-ago quarter.
The unit’s total revenue stood at $7.79bn, a marginal improvement compared to $7.76bn in the fourth quarter of 2014.
Provision for credit losses increased 0.1% year-on-year to $654m from $653m. Non-interest expense decreased 1.7% to $4.34bn from $4.42bn a year ago.
Overall, the banking group posted a net income of $3.34bn, an increase of 9.3% compared to $3.05bn in the prior year quarter. Total revenue rose 4.2% to $19.53bn from $18.72bn a year earlier.
BofA CFO Paul Donofrio said: "Our results this quarter reflect our ongoing efforts to improve operating leverage while continuing to invest in our business. We increased net interest income, managed expenses tightly, and returned $1.3 billion in capital to our shareholders this quarter through common stock repurchases and dividends."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData