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.
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.
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 formBy GlobalData
“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."