Bank of America reports 2013 Q4 net income of USD 3.4 bln vs USD 367 mln in Q4 2012

Author: Mike Paterson | Category: News
  • $ 0.29 per diluted share vs $0.27 exp on revenue of $21.7 bln
  • Q4 provision for credit losses $336 mln vs $2.2 bln in Q4 2012
  • Q4 fixed income, currency and commodities sales and trading revenue,  exc DVA, was up 16% at $2.1 bln
  • quarterly pretax litigation expense of $2.3 bln relating to continued evaluation of legacy exposures to residential mortgage-backed securities litigation

Huge improvement y/y for Bank of  America Corp, the second largest US bank  driven by a steep fall in provisions to cover bad loans and vast efforts to cut costs as we’ve highlighted previously

CFO Bruce Thompson says

Capital and liqudity are at record levels, credit losses are at historic lows, our cost savings initiatives are on track … and our businesses are seeing good momentum

“Capital and liqudity are at record levels, credit losses are at historic lows”

Well maybe that’s down to shoring up the defences with cheap money from their friends at the Fed and not lending it on. Definitely the case here in the UK.

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