Bank of America Corporation today reported net income of $3.4 billion, or $0.29 per diluted share, for the fourth quarter of 2013, compared to $732 million, or $0.03 per diluted share in the year-ago period. Revenue, net of interest expense, on an FTE basis A rose 15 percent from the fourth quarter of 2012 to $21.7 billion.
For the year ended December 31, 2013, net income increased to $11.4 billion, or $0.90 per diluted share, from $4.2 billion, or $0.25 per diluted share, in 2012. Revenue, net of interest expense, on an FTE basis A rose 7 percent to $89.8 billion.
"We are pleased to see the core businesses continue to perform well, serving our customers and clients," said Chief Executive Officer Brian Moynihan. "While work remains on past issues, our two hundred forty thousand teammates continue to do a great job winning in the marketplace."
“We enter this year with one of the strongest balance sheets in our company’s history,” said Chief Financial Officer Bruce Thompson. “Capital and liquidity are at record levels, credit losses are at historic lows, our cost savings initiatives are on track and yielding significant savings, and our businesses are seeing good momentum.”Selected Financial Highlights
|Three Months Ended||Year Ended|
|(Dollars in millions, except per share data)||
December 31 2013
|December 312012||December 31 2013||December 312012|
|Net interest income, FTE basis 1||$||10,999||$||10,555||$||43,124||$||41,557|
|Total revenue, net of interest expense, FTE basis||21,701||18,891||89,801||84,235|
|Total revenue, net of interest expense, FTE basis, excluding DVA and FVO 2||22,319||19,610||90,958||91,819|
|Provision for credit losses||336||2,204||3,556||8,169|
|Diluted earnings per common share||$||0.29||$||0.03||$||0.90||$||0.25|
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