Bank of America ends fiscal year on high note

Charlotte, N.C.-based Bank of America Corp. (NYSE: BAC) posted fourth-quarter earnings of $3.4 billion, helping to boost full-year profits 173 percent to $11.4 billion.

For the three months ended Dec. 31, net income improved by 370 percent compared to $732 million profits recorded during fourth-quarter 2012, according to a news release.

Diluted earnings per share improved 26 cents during the quarter and 65 cents for the year.

Upon the news of its latest financial data, BAC shares hit a 52-week high yesterday of $17.42. Its shares were trading at $17.10 as of 8:32 a.m. today, and its 52-week low is $10.98.

“We enter this year with one of the strongest balance sheets in our company’s history,” Chief Financial Officer Bruce Thompson said in the release. “Capital and liquidity are at record levels, credit losses are at historic lows, our cost savings initiatives are on track and yielding significant savings, and our businesses are seeing good momentum.”

2013 financial notes:

• Bank of America cut 5,826 full-time jobs during the fourth quarter. As of Dec. 31, the company employed 242,117 full-time employees, about 25,000 less than at the end of 2012.
• The company issued more than 3.9 million new consumer credit cards.
• A company record of $3 billion in earnings was set for Bank of America's global wealth and investment management division.

As of Dec. 31, the company's assets totaled $2.2 trillion and deposits were $1.1 trillion. Bank of America claims roughly 50 million consumer and small-business customers with approximately 5,100 branches, the release said.