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.

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.

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.

Company Profile – free sample

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
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.