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.
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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."
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