CHARLOTTE, N.C. - Thursday, January 26th 2012 [ME NewsWire]
Strong Capital Generation With Tier 1 Common Equity Ratio at 9.86 Percent
Global Excess Liquidity Sources Remain Strong at $378 Billion, up $42 Billion in 2011
Investment Bank Maintained No. 2 Global Ranking in Net Investment Banking Fees and Gained Market Share in 2011
Bank of America Merrill Lynch Named "Top Global Research Firm of 2011"
Total Average Commercial and Industrial Loan Balances Increased 13 Percent From the Fourth Quarter of 2010
Small Business Loan Originations and Commitments up Approximately 20 Percent in 2011, More Than 500 Small Business Bankers Hired in 2011
Global Wealth and Investment Management Adds Nearly 1,700 Financial Advisors in 2011
Extended Approximately $557 Billion in Credit and Raised $644 Billion in Capital for Clients During 2011
More Than 1 Million Mortgage Loan Modifications Completed Since 2008
(BUSINESS WIRE)-- Bank of America Corporation today reported net income of $2.0 billion, or $0.15 per diluted share, for the fourth quarter of 2011, compared with a net loss of $1.2 billion, or $0.16 per diluted share in the year-ago period. Revenue, net of interest expense, on a fully taxable-equivalent (FTE)1 basis rose 11 percent to $25.1 billion.
For the full year, the company reported net income of $1.4 billion, or $0.01 per diluted share, compared with a net loss of $2.2 billion, or $0.37 per diluted share in 2010. Revenue, net of interest expense, on an FTE basis1 declined 15 percent to $94.4 billion.
"We enter 2012 stronger and more efficient after two years of simplifying and streamlining our company," said Chief Executive Officer Brian Moynihan. "We built our capital ratios to record levels during 2011 on the strength of our core businesses and by shedding those that are not core to serving customers and clients. I am proud of our team and their ability to serve our customers well while transforming the company."
“Our fourth-quarter results reflect the aggressive steps we have been taking to strengthen the balance sheet and position the company for long-term growth," said Chief Financial Officer Bruce Thompson. “During the quarter, we significantly increased capital and liquidity. Our Tier 1 common equity ratio increased to 9.86 percent from 8.65 percent in the third quarter of 2011, and our time-to-required funding increased to 29 months from 27 months. For 2012, our focus is to continue to build capital and liquidity and manage expenses."
“Reflecting a gradually improving economy,” continued Moynihan, "we saw solid business activity by companies of all sizes, with commercial and industrial loan balances rising 13 percent from the fourth quarter of 2010, and small business loan originations increasing approximately 20 percent in calendar year 2011."
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Selected Financial Highlights |
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|
Three Months Ended |
Year Ended |
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|
(Dollars in millions except per share data) |
December 31 2011 |
December 31 2010 |
December 31 2011 |
December 31 2010 |
||||||||||||
|
Net interest income, FTE basis1 |
$ |
10,959 |
$ |
12,709 |
$ |
45,588 |
$ |
52,693 |
||||||||
|
Noninterest income |
14,187 |
9,959 |
48,838 |
58,697 |
||||||||||||
|
Total revenue, net of interest expense, FTE basis |
25,146 |
22,668 |
94,426 |
111,390 |
||||||||||||
|
Provision for credit losses |
2,934 |
5,129 |
13,410 |
28,435 |
||||||||||||
|
Noninterest expense2 |
18,941 |
18,864 |
77,090 |
70,708 |
||||||||||||
|
Goodwill impairment charges |
581 |
2,000 |
3,184 |
12,400 |
||||||||||||
|
Net income (loss) |
1,991 |
(1,244 |
) |
1,446 |
(2,238 |
) |
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|
Diluted earnings (loss) per common share |
$ |
0.15 |
$ |
(0.16 |
) |
$ |
0.01 |
$ |
(0.37 |
) |
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Contacts
Investors May Contact:
Kevin Stitt, Bank of America, 1.980.386.5667
Lee McEntire, Bank of America, 1.980.388.6780
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840
jerome.f.dubrowski@bankofamerica.com
Full-Year 2011 Net Income of $1.4 Billion, or $0.01 Per Diluted Share
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