Bank of America Corporation Filed a Form 8-K
4Q19 Financial Highlights1Net income of $7.0 billion, or $0.74 per diluted share, compared to $7.3 billion or $0.70Revenue, net of interest expense, of $22.3 billion decreased 1%
Net interest income (NII) declined 3%, driven by lower interest rates, partially offset by loan and deposit growth; noninterest income remained stableProvision for credit losses increased $36 million, or 4%, to $941 millionNoninterest expense up modestly to $13.2 billion as investments in the franchise continue; efficiency ratio of 59%Average loan and lease balances in business segments rose $54 billion, or 6%, to $936 billion
Consumer loans up 7%
Commercial loans up 6%Average deposit balances rose $65 billion, or 5%, to $1.4 trillionReturned $34 billion of capital to shareholders through common dividends and share repurchases during 2019Book value per share increased 9% to $27.32
4Q19 Business Segment Highlights1,2
Consumer BankingNet income of $3.1 billionLoans up 7% to $311 billionDeposits up 5% to $720 billionConsumer investment assets up 29% to $240 billion; flows of $20 billionEfficiency ratio remains low at 47%29 million active mobile users, up 10%
Global Wealth and Investment ManagementNet income rose of $1.0 billionPretax margin of 28%Record total client balances exceed $3 trillion, up 16%Loans up 7%; deposits up 3%2019 net new households up 64% in Private Bank, 25% in Merrill Lunch vs. '18
Global BankingNet income of $2.0 billionFirmwide investment banking fees of $1.5 billion (excl. self-led) increased 9%Loans increased 2% to $357 billionLoans up 6% to $377 billionDeposits up 5% to $379 billion
Global MarketsSales and trading revenue of $2.8 billion, including net debit valuation adjustment (DVA) losses of $86 millionExcluding net DVA, sales and trading revenue increased 13% to $2.9 billion
FICC increased 25% to $1.8 billion
Equities decreased 4% to $1.0 billion
Bank of America Corporation makes available all of its SEC filings on its website: http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-irhome.
The SEC maintains a website that contains reports, proxy statements and other information regarding issuers that file electronically with the SEC. These materials may be obtained electronically by accessing the SEC’s website at http://www.sec.gov. A copy of the document will also be available on the National Storage Mechanism's website at: http://www.morningstar.co.uk/uk/NSM.
1 Financial Highlights and Business Segment Highlights compare to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted.
2 The Corporation reports the results of operations of its four business segments and All Other on a fully-taxable equivalent (FTE) basis.