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17 February, 2020 18:57 IST
Bank of America Corp fourth-quarter profit climbs
Source: IRIS | 20 Jan, 2016, 08.48AM
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Bank of America Corporation(BAC) has reported a 9.38 percent rise in profit for the quarter ended Dec. 31, 2015. The company has earned $3,336 million, or $0.28 a share in the quarter, compared with $3,050 million, or $0.25 a share for the same period last year.

Revenue during the quarter grew 4.29 percent to $19,528 million from $18,725 million in the previous year period. Non-interest income for the quarter rose 7.01 percent over the last year period to $9,727 million.

Bank of America Corporation has made provision of $810 million for loan losses during the quarter, up 269.86 percent from $219 million in the same period last year.

Efficiency ratio for the quarter improved to 70.20 percent from 74.90 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Brian Moynihan, chief executive officer Said "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."
Return on assets moved up 4 basis points to 0.61 percent in the quarter from 0.57 percent in the last year period.
Tier-1 leverage ratio stood at 8.60 percent for the quarter, up from 8.20 percent for the previous year quarter. Book value per share was $22.54 for the quarter, up 5.72 percent or $1.22 compared to $21.32 for the same period last year.

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