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Saturday, January 28, 2012

Bank of America Reports Fourth-Quarter 2011 Net Income of $2.0 Billion, or $0.15 Per Diluted Share


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."
         
Selected Financial Highlights
         
    Three Months Ended
  Year Ended
(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
)
Diluted earnings (loss) per common share
  $
0.15
    $
(0.16
)
  $
0.01
    $
(0.37
)
 
 
To view the full report and tables please click here.

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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