Bank of America reports year-end financials

Net income for the year totaled $16.89 billion, compared to $14.14 billion a year earlier. Per-share diluted earnings increased 12 percent for the year to $4.15.

Revenue for the year grew 16 percent to $56.8 billion, driven by a 28 percent increase in noninterest income, equity investment gains, higher card income and trading account profits.

Total assets as of Dec. 31 were $1.27 trillion, up 21.6 percent the previous year, and total deposits were $632 billion, up 14.7 percent.

Figures in the fourth quarter of 2005, though, were not as strong. Net income totaled $3.77 billion, or 93 cents per diluted share. That's down from the $3.85 billion, or 94 cents per diluted share, in the fourth quarter of 2004.

“We had a weak trading quarter that was well under our performance in recent quarters,” said Kenneth D. Lewis, chairman and CEO, in a news release. “We fully expect trading to do better in the coming quarters. Apart from those issues, our businesses had a very good year and a solid fourth quarter, which sets a good foundation for 2006.”

Shares of Bank of America (NYSE: BAC) closed Jan. 26 at $44.90, compared to a 52-week range of $41.13 to $47.44.

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