The decline in revenue was primarily driven by lower equity investment income, $1.2 billion in gains related to exchanges of trust preferred securities in the year-ago quarter and a decrease of $1.0 billion in gains on the sale of debt securities from the fourth quarter of 2011. This decline was partially offset by lower negative FVO adjustments in the most recent quarter compared to a year ago. Negative FVO adjustments totaled $442 million in the fourth quarter of 2012, compared to a negative $814 million in the fourth quarter of 2011.
Equity investment income was $570 million in the fourth quarter of 2012, compared to $3.1 billion in the year-ago quarter. The fourth quarter of 2012 included a $370 million gain on the sale of our interest in the Japanese brokerage joint venture and the year-ago period included a $2.9 billion gain on the sale of a portion of the company's investment in CCB. Gains on the sale of debt securities totaled $116 million in the fourth quarter of 2012, down from $1.1 billion in the year-ago quarter.
The decrease in the provision for credit losses was driven primarily by the impact of an improved home price outlook on the discontinued real estate and residential mortgage PCI portfolios driving reserve reductions in the current quarter compared to reserve builds a year ago. Noninterest expense decreased compared to the fourth quarter of 2011 as the year-ago period included a $581 million goodwill impairment charge in the European consumer card business.
Corporate OverviewRevenue and Expense
|Three Months Ended||Year Ended|
|(Dollars in millions, except per share data)||December 31 2012||December 312011||December 31 2012||December 312011|
|Net interest income, FTE basis 1||$||10,555||$||10,959||$||41,557||$||45,588|
|Total revenue, net of interest expense, FTE basis||18,891||25,146||84,235||94,426|
|Total revenue, net of interest expense, FTE basis, excluding DVA and FVO 2||19,610||26,434||91,819||90,106|
|Provision for credit losses||2,204||2,934||8,169||13,410|
|Noninterest expense 3||18,360||18,941||72,093||77,090|
|Goodwill impairment charges||—||581||—||3,184|
|Diluted earnings per common share||$||0.03||$||0.15||$||0.25||$||0.01|
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