Bank of America Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter of
For the year, the company's net interest income was $41,096 million compared to $38,958 million a year ago. Total revenue, net of interest expense was $83,701 million compared to $82,965 million a year ago. Net income was $17,906 million compared to $15,836 million a year ago. Net income applicable to common shareholders was $16,224 million compared to $14,353 million a year ago. Total interest income was $51,057 million compared to $49,507 million a year ago. Diluted earnings per common share was $1.50 compared to $1.31 a year ago. Book value per share of common stock was $24.04 compared to $22.53 a year ago. Tangible book value per share of common stock was $16.95 compared to $15.62 a year ago. Return on average common shareholders' equity was 6.71% compared to 6.24% a year ago. Return on average shareholders' equity was 6.72% compared to 6.28% a year ago. Return on average tangible common shareholders' equity was 9.54% compared to 9.08% a year ago. Return on average tangible shareholders' equity was 9.19% compared to 8.80% a year ago.
The company also announced total net charge-offs of $880 million for the fourth quarter of 2016 compared to $1,144 million a year ago.