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Bank Of America Reports Fourth-quarter 2013 Net Income Of $3.4 Billion, Or $0.29 Per Diluted Share, On Revenue Of $21.7 Billion(A)

Stocks in this article: BAC

Total average assets declined 7 percent from the fourth quarter of 2012 to $603.1 billion from $645.8 billion.

All Other 1

  Three Months Ended   Year Ended
(Dollars in millions) December 31 2013   December 312012   December 31 2013   December 312012
Total revenue, net of interest expense, FTE basis 2 $ 83   $ (149 ) $ 1,889   $ (782 )
Provision for credit losses (188 ) 450 (666 ) 2,621
Noninterest expense 996 1,003 4,241 6,273
Net income (loss) $ 274 $ 841 $ 487 $ (3,737 )
Total average loans 226,049     247,128     235,454     259,241  

1 All Other consists of ALM activities, equity investments, the international consumer card business, 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, the impact of certain allocation methodologies and accounting hedge ineffectiveness. Equity Investments include Global Principal Investments (GPI), strategic and certain other investments. Other includes certain residential mortgage loans that are managed by Legacy Assets and Servicing within CRES.

2 Revenue includes equity investment income of $392 million and $569 million for the three months ended December 31, 2013 and 2012 and $2.6 billion and $1.1 billion for the years ended December 31, 2013 and 2012, and gains on sales of debt securities of $364 million and $117 million for the three months ended December 31, 2013 and 2012, and $1.2 billion and $1.5 billion for the years ended December 31, 2013 and 2012.

All Other reported net income of $274 million in the fourth quarter of 2013, compared to $841 million for the same period a year ago. The decline was primarily driven by lower income tax benefits, as the year-ago period included the recognition of certain foreign tax credits, as well as lower equity investment income compared to the year-ago quarter. This was partially offset by a $638 million decrease in the provision for credit losses from the year-ago quarter, primarily reflecting the continued improvement in portfolio trends, including increased home prices in the residential mortgage portfolio. Negative FVO adjustments were $417 million in the fourth quarter of 2013, flat from the year-ago quarter.

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