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Bank of America EPS rises YOY in Q4'19

Bank of America Corp. reported net income applicable to common shareholders of $6.75 billion, or 74 cents per share, in the fourth quarter of 2019, compared with $7.04 billion, or 70 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 68 cents.

Total loans and leases stood at $983.43 billion as of the end of the 2019 fourth quarter, up from $972.91 billion as of the end of the previous quarter and from $946.90 billion a year ago.

Total deposits went up to $1.435 trillion as of Dec. 31, 2019, higher than the $1.393 trillion deposits as of Sept. 30, 2019, and $1.381 trillion deposits a year ago.

Fourth-quarter 2019 net interest income was $12.14 billion, down from $12.50 billion in the year-ago quarter. Provision for credit losses was $941 million, up from $905 million in the prior-year quarter.

Total revenue, net of interest expense, was $22.35 billion in the fourth quarter of 2019, down from $22.68 billion a year ago. Interest income was $16.93 billion, down from $17.84 billion in the same quarter in 2018. But noninterest income was up to $10.21 billion in the fourth quarter of 2019, from $10.17 billion in the same quarter of 2018.

Bank of America's consumer banking segment posted fourth-quarter revenue of $9.51 billion, down from $9.96 billion in the year-ago quarter. The bank said the 4% drop was due to lower net interest income and the absence of a small gain in the fourth quarter of 2018.

The global wealth and investment management segment posted revenue of $4.91 billion, down 2% from $5.04 billion in the prior-year quarter. Global banking segment revenue also slid to $5.14 billion, from $5.17 billion a year ago.

The global markets segment, however, posted higher revenue of $3.43 billion, up 6% from $3.25 billion in the previous year's fourth quarter, driven by sales and trading.

Net income applicable to common shareholders for full year 2019 was $26.00 billion, or $2.75 per share, compared with $26.70 billion, or $2.61 per share, in 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for full year 2019 was $2.70.