Bank of America Q4 revenue increased to $20 billion
Bank of America reported its fourth-quarter 2016 financial results. Revenue, net of interest expense, increased 2% to $20 billion from $19.6 billion.
Bank of America Net income increased 43% to $4.7 billion
POST forecast was EPS $0.39 on revenue $20.8 billion.
Provision for credit losses declined to $774 million from $810 million. Net charge-offs declined to $880 million from $1.1 billion; net charge-off ratio improved to a historic low of 0.39%.
Noninterest expense declined 6%, or $849 million, to $13.2 billion- Pretax earnings up 27% to $6.1 billion.
The company repurchased $5.1 billion in common stock and paid $2.6 billion in common stock dividends in 2016. ■
