Bank of America (BofA) has reported an increase to its net income of 190% year-on-year to $4.1bn for the 12 months to 31 December 2012.
This is despite BofA reporting a fall in its revenue of 11% year-on-year to $83bn.
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BofA can attribute its profit increase for fiscal 2012 to a $5bn fall in its provision for credit losses to $8.1bn.
In 2011, the results were skewed by one-off goodwill impairment of $3bn.
Assets at the bank rose by 4% to $2.2trn.
Deposits increased by 7% to $1.1trn.
Less positive metrics for BofA include a fall in its net interest margin of 10 basis points to 2.35% while its efficiency ratio rose by 58 basis points to 85.59%.
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By GlobalDataBrian Moynihan CEO at BofA said: "We enter 2013 strong and well positioned for further growth."
Moynihan added: "Double-digit growth since last year in mortgage production, commercial lending, and global markets revenue demonstrates the power of deeper customer and client relationships as we intensify the focus on connecting all our capabilities."
BofA shuttered 374 branches across the US in 2012 ending the year with 5,478 outlets.
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