Q4-17 Financial Highlights
• 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 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
• 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
“Responsible growth delivered solid results in 2017. Pretax earnings rose 17 percent, and we continued to close in on our long-term return targets. We gained market share across our businesses while carefully managing credit, risk exposures, and expenses. We invested in technology, client engagement, and in our own team, including the $1,000 bonus we announced last month for 145,000 employees. We also shared our success with stakeholders through our high level of funding philanthropic initiatives, our 2 million employee volunteer hours, and our commitment to long-term shareholder value by returning nearly $17 billion in capital through common stock repurchases and dividends."
— Brian Moynihan, Chief Executive Officer
Re-disseminated by The Asian Banker