Net income rose 28% to $7.0 billion, or $0.82 per diluted share, reflecting strong operating leverage as revenues grew faster than expenses
• Revenue, net of interest expense, increased 10% to $22.1 billion – Net interest income (NII)(B) up $1.2 billion, or 11%, to $11.4 billion, driven by strong deposit growth and investment of excess liquidity
– Noninterest income up 8% to $10.7 billion, driven by record asset management fees and record investment banking revenue • Provision for credit losses improved by $542 million to a benefit of $489 million, driven by asset quality and macroeconomic improvements, partially offset by loan growth; net reserve release of $851 million(C) • Noninterest expense rose 6% to $14.7 billion, driven by higher revenue-related incentive compensation, partially offset by lower COVID-19 related costs; positive operating leverage of 4%(D)
• Average loan and lease balances up $10 billion to $945 billion; ending balances up $51 billion to $979 billion, led by strong commercial loan growth as well as higher card balances • Average deposits up $280 billion, or 16%, to $2.0 trillion • Average Global Liquidity Sources rose $215 billion,or 23%, to record $1.2 trillion(E) • Common equity tier 1 (CET1) ratio 10.6% (Standardized)(F); returned $31.7 billion to shareholders in 2021 through common stock dividends and share repurchases
From Chairman and CEO Brian Moynihan: “Our fourth-quarter results were driven by strong organic growth, record levels of digital engagement, and an improving economy. We grew loans by $51 billion and added$100 billion of deposits during the quarter, further strengthening our position as the leader in retail deposits.
“We earned a record $32 billion in 2021, with every businessline solidly contributing. In Consumer, we added millions of new credit card accounts and nearly a million net new checking accounts as we continued to demonstrate the value we provide through our physical and digital capabilities. Wealth Management had record client flows and the strongest client acquisition numbers since before the pandemic. Investment Banking had its best year ever and Global Markets had its highest sales and trading revenue in a decade, led by record Equities performance as we invested in the business. “We also continued to support our communities, helping them address some of society’s biggest challenges, including the environment, the pandemic, racial equality and economic opportunity. I want to thank our talented teammates across the globe for all their work over the past
year.