The consumer banking unit of Bank of America has reported a net income of $1.92bn for the fourth quarter of 2016, a 10.6% increase compared to $1.73bn a year ago.

The unit’s total revenue in the quarter was $8.11bn, a rise of 1.2% from $8.01bn in the prior year.

Net interest income increased 4.5% to $5.46bn from $5.23bn a year ago, while non-interest expense dipped 6.6% year-on-year to $4.33bn.

The unit’s provision for credit losses increased 11.1% to $760m from $684m in the previous year.

Overall, the banking group reported attributable net income of $4.33bn for the fourth quarter of 2016, a 46.7% surge from $2.95bn in the corresponding quarter of 2015.

Bank of America CEO Brian Moynihan said: “We had strong results in 2016 because our strategy is working. We are lending more and seeing historically low charge-offs, which is what responsible growth is all about.

“Revenue was up modestly, but EPS grew by 15% as we continued to manage our expenses and create operating leverage. With strong leadership positions in our businesses against a backdrop of rising interest rates, we are well-positioned to continue to grow and deliver for our shareholders in 2017."