Consumer and business banking arm of BofA sees 11% drop in Q4 income
The consumer and business banking arm of Bank of America (BofA) has posted a net income of $1.75bn for the fourth quarter of 2014, down 11.5% compared to $1.99bn in the year ago quarter.
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For the quarter ended 31 December 2014, the unit’s total revenue, net of interest expense was $7.54bn, versus $7.49bn a year ago.
Its average deposit balances for the fourth quarter was $550.39m, up 4% from $528.73m in the same corresponding quarter of 2013. On the other hand, average loans dropped to $161.26m from $163.15 in the year-ago quarter.
Overall, the banking reported net income of $3.1bn for the fourth quarter of 2014, compared to $3.4bn in the year-ago period. Revenue, net of interest expense, on an FTE basis was $19bn, compared to $21.7bn in the year ago.
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