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Bank of America swings to profit in Q4

Bank of America has reported a net income of $1.58bn, or $0.15 per diluted share, for the fourth quarter of 2011, compared to a net loss of $1.57bn, or $0.16 per diluted share, for the same period in 2010.

The total revenue, net of interest expense, was $24.89m for the fourth quarter of 2011, compared to $22.4bn for the same period a year ago.

Card Services and Global Commercial Banking reported a net income of $1bn for the fourth quarter of 2011.

Investment banking business reported a loss of $433m due to lower sales and trading revenue and investment banking fees.

Bank of America CFO Bruce Thompson said that during the quarter, the company significantly increased capital and liquidity. Their Tier 1 common equity ratio increased to 9.86 percent from 8.65 percent in the third quarter of 2011, and our time-to-required funding increased to 29 months from 27 months.