Bank of America (BAC) Tops Q4 EPS by 2c

Bank of America (NYSE: BAC) reported Q4 EPS of $0.28, $0.02 better than the analyst estimate of $0.26. Revenue for the quarter came in at $19.76 billion versus the consensus estimate of $19.86 billion.

Highlights:

• Revenue, net of interest expense, (FTE basis) up 4% to $19.8B(A)
• Net interest income (NII) (FTE basis) up 2% to $10.0B– Excluding market-related NII and other adjustments(A), NII was $10.5B, compared to $10.3B in Q3-15 and $10.4B in Q4-14
• Noninterest income up 7% to $9.7B
• Provision for credit losses $0.8B, compared to $0.8B in Q3-15 and $0.2B in Q4-14
• Noninterest expense declined 2% to $13.9B; excluding litigation, noninterest expense declined 3% to $13.4B(B)
• Net income up 9% to $3.3B; earnings per diluted share $0.28, compared to $0.25

"The 2015 results were our highest earnings in nearly a decade, reflecting the work we’ve done to develop a straightforward operating model focused on responsible growth and doing more business with each customer and client. We saw solid customer activity in loan growth, deposits, and wealth management asset flows, and we returned more capital to our shareholders. As we build on this progress, we will continue to invest in the future and manage expenses."– Brian Moynihan, Chief Executive Officer.

For earnings history and earnings-related data on Bank of America (BAC) click here.

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