Bank of America Corporation Filed a Form 8-K

CHARLOTTE, N.C.--(BUSINESS WIRE)--Bank of America Corporation (the "Corporation") informed its securities holders that it has filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission ("SEC") on January 15, 2020, announcing financial results for the fourth quarter and year ended December 31, 2019, reporting fourth quarter net income of $7.0 billion, or $0.74 per diluted share, and net income for the year of $27.4 billion, or $2.75 per diluted share.

4Q19 Financial Highlights¹

• Net income of $7.0 billion, or $0.74 per diluted share, compared to $7.3 billion or $0.70
• Revenue, net of interest expense, of $22.3 billion decreased 1%

  • Net interest income (NII) declined 3%, driven by lower interest rates, partially offset by loan and deposit growth; noninterest income remained stable

• Provision for credit losses increased $36 million, or 4%, to $941 million
• Noninterest expense up modestly to $13.2 billion as investments in the franchise continue; efficiency ratio of 59%
• Average loan and lease balances in business segments rose $54 billion, or 6%, to $936 billion

  • Consumer loans up 7%

  • Commercial loans up 6%

• Average deposit balances rose $65 billion, or 5%, to $1.4 trillion
• Returned $34 billion of capital to shareholders through common dividends and share repurchases during 2019
• Book value per share increased 9% to $27.32

4Q19 Business Segment Highlights^1,2

Consumer Banking

• Net income of $3.1 billion
• Loans up 7% to $311 billion
• Deposits up 5% to $720 billion
• Consumer investment assets up 29% to $240 billion; flows of $20 billion
• Efficiency ratio remains low at 47%
• 29 million active mobile users, up 10%

Global Wealth and Investment Management

• Net income rose of $1.0 billion
• Pretax margin of 28%
• Record total client balances exceed $3 trillion, up 16%
• Loans up 7%; deposits up 3%
• 2019 net new households up 64% in Private Bank, 25% in Merrill Lunch vs. '18

Global Banking

• Net income of $2.0 billion
• Firmwide investment banking fees of $1.5 billion (excl. self-led) increased 9%
• Loans increased 2% to $357 billion
• Loans up 6% to $377 billion
• Deposits up 5% to $379 billion

Global Markets

• Sales and trading revenue of $2.8 billion, including net debit valuation adjustment (DVA) losses of $86 million
• Excluding net DVA, sales and trading revenue increased 13% to $2.9 billion

  • FICC increased 25% to $1.8 billion

  • Equities decreased 4% to $1.0 billion

Bank of America Corporation makes available all of its SEC filings on its website: http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-irhome.

The SEC maintains a website that contains reports, proxy statements and other information regarding issuers that file electronically with the SEC. These materials may be obtained electronically by accessing the SEC’s website at http://www.sec.gov. A copy of the document will also be available on the National Storage Mechanism's website at: http://www.morningstar.co.uk/uk/NSM.

¹ Financial Highlights and Business Segment Highlights compare to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted.

² The Corporation reports the results of operations of its four business segments and All Other on a fully-taxable equivalent (FTE) basis.