Bank of America : Q4 News Release

Net income of $2.4 billion, or $0.20 per diluted

share, including a charge of $2.9 billion, or $0.27

per diluted share, related to the Tax Cuts and Jobs

Act (the "Tax Act")

• Revenue, net of interest expense, increased 2% to

$20.4 billion from $20.0 billion

- Net interest income (NII) increased $1.2 billion,

or 11%, to $11.5 billion, reflecting benefits

from higher interest rates, as well as loan and

deposit growth (A)

- Noninterest income decreased $724 million, or

7%, to $9.0 billion, primarily driven by the

impact of the Tax Act and lower mortgage

banking income, partially offset by higher asset

management fees, investment banking

revenues and card income

• Net charge-offs rose to $1.2 billion from $880

million, primarily driven by a single-name non-U.S.

commercial charge-off totaling $292 million

- Net charge-off ratio 0.53% compared to 0.39%

- Excluding the single-name charge-off, the net

charge-off ratio was fairly consistent with the

prior quarter

• Provision for credit losses rose to $1.0 billion

from $774 million

• Noninterest expense declined $139 million, or

1%, to $13.3 billion, with reductions in both

personnel and non-personnel expenses

• Average loan balances in business segments rose

6% to $857 billion