- Total revenue, excluding the impact of DVA E, increased 37 percent in the fourth quarter of 2012 to $3.1 billion from $2.3 billion in the fourth quarter of 2011. Sales and trading revenue, excluding the impact of DVA E, was $2.5 billion in the fourth quarter of 2012, compared to $2.0 billion in the fourth quarter of 2011.
Global Markets reported net income in the fourth quarter of 2012 of $152 million, compared to a net loss of $768 million in the year-ago quarter. Excluding DVA E losses, net income was $326 million in the fourth quarter of 2012, compared to net income of $789 million in the third quarter of 2012 (excluding the impact of the U.K. tax rate change) and a net loss of $469 million in the year-ago quarter.
Global Markets revenue increased $1.0 billion from the year-ago quarter to $2.8 billion. Excluding DVA E, revenue increased $839 million to $3.1 billion driven by higher sales and trading revenue and an increase in debt issuance activity. The current quarter included DVA losses of $276 million, compared to DVA losses of $474 million in the year-ago quarter.Fixed Income, Currency and Commodities (FICC) sales and trading revenue, excluding DVA F, was $1.8 billion in the fourth quarter of 2012, an increase of $485 million from the year-ago quarter, driven by credit businesses which benefited from improved credit markets in Europe and in the financial sector . Equities sales and trading revenue, excluding DVA F, was $713 million, an increase of $61 million from the year-ago quarter due to increased client balances in financing and improved trading performance in derivatives. Noninterest expense declined to $2.5 billion from $2.9 billion in the year-ago quarter, primarily driven by a decrease in personnel-related expense.
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