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Bank Of America Reports Fourth-Quarter 2012 Net Income Of $0.7 Billion, Or $0.03 Per Diluted Share

Stocks in this article: BAC

All Other 1

    Three Months Ended   Year Ended
(Dollars in millions)     December 31 2012   December 312011   December 31 2012   December 312011
Total revenue, net of interest expense, FTE basis $ (145 )   $ 4,513 $ (790 )   $ 16,095
Provision for credit losses 448 792 2,620 6,172
Noninterest expense 971 2,101 6,092 6,253
Net income (loss) $ 864 $ 1,350 $ (3,628 ) $ 4,712
Total average loans     245,820     277,744     258,012     289,010

1 All Other consists of ALM activities, equity investments, liquidating businesses and other. ALM activities encompass the whole-loan residential mortgage portfolio and investment securities, interest rate and foreign currency risk management activities including the residual net interest income allocation, gains/losses on structured liabilities, and the impact of certain allocation methodologies and accounting hedge ineffectiveness. Equity Investments includes Global Principal Investments, strategic and certain other investments. Other includes certain residential mortgage and discontinued real estate loans that are managed by Legacy Assets & Servicing within CRES.

All Other reported net income of $864 million in the fourth quarter of 2012, compared to net income of $1.4 billion for the year-ago quarter, as a reduction in revenue was partially offset by lower provision for credit losses, lower noninterest expense and the income tax benefit related to the recognition of certain foreign tax credits.

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