- Q4 net income of $2.4B or $0.20 per share included a $2.9B charge thanks to the tax bill. Backing that out, Q4 income of $5.3B or $0.47 per share topped estimates by $0.03. ROTCE of 10.9%.
- Consumer Banking revenue up 10% Y/Y to $8.95B, with net interest income up 16%; noninterest income slipped 2%. Provisions up $126M, net charge-offs up $107M to $839M. Average deposits up 8%, average loans up 9%. Mobile channel usage up 34%.
- Global Wealth and Investment Management revenue up 7% Y/Y to $4.683B. Net income up 17% to $742M.
- Global Banking revenue up 10% to $5B. Provisions jumped to $132M from $48M, mostly thanks to a charge-off from one client (JPMorgan (NYSE:JPM) and Citi reported something similar; client is most likely South Africa's Steinhoff).
- Global Markets revenue down 2% to $3.5B, with sales and trading revenue down 9% to $2.7B - FICC revenue down 13%.
- Conference call at 8:30 ET
- Full earnings release
- Previously: Bank of America beats by $0.03, misses on revenue (Jan. 17)
- BAC +0.35% premarket
- Now read: Wells Fargo (NYSE:WFC): Pain Is Very Relative
Original article