Bank Of America Corporation (BAC) has reported a 43 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $4,696 million, or $0.40 a share in the quarter, compared with $3,284 million, or $0.27 a share for the same period last year.
Revenue during the quarter went up marginally by 2.08 percent to $19,990 million from $19,582 million in the previous year period. Non-interest income for the quarter fell 2 percent over the last year period to $9,698 million.
Bank Of America Corp has made provision of $774 million for loan losses during the quarter, down 4.44 percent from $810 million in the same period last year.
Efficiency ratio for the quarter improved to 65.08 percent from 70.73 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Assets outpace liabilities growth
Total assets stood at $2,187,702 million as on Dec. 31, 2016, up 2.02 percent compared with $2,144,287 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,920,862 million as on Dec. 31, 2016, up 1.73 percent from $1,888,111 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $895,446 million as on Dec. 31, 2016, up 1.21 percent compared with $884,749 million on Dec. 31, 2015. Deposits stood at $1,260,934 million as on Dec. 31, 2016, up 5.32 percent compared with $1,197,259 million on Dec. 31, 2015.
Investments stood at $483,104 million as on Dec. 31, 2016, up 3.98 percent or $18,482 million from year-ago. Shareholders equity stood at $266,840 million as on Dec. 31, 2016, up 4.15 percent or $10,635 million from year-ago.
Return on average assets moved up 25 basis points to 0.85 percent in the quarter from 0.60 percent in the last year period. At the same time, return on average equity increased 184 basis points to 6.91 percent in the quarter from 5.07 percent in the last year period.
Tier-1 leverage ratio stood at 8.90 percent for the quarter, up from 8.60 percent for the previous year quarter. Book value per share was $24.04 for the quarter, up 6.70 percent or $1.51 compared to $22.53 for the same period last year.
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