Bank of America reports Q4 NII up $3.3B to $14.7B

Noninterest income of $9.9 billion declined $799 million, or 8%, as declines in investment banking and asset management fees as well as lower service charges more than offset higher sales and trading revenue. Common equity tier 1 ratio of 11.2% increased 25 bps from Q3-22; returned $12 billion to shareholders in 2022 through common stock dividends and share repurchases. Return on average common shareholders’ equity ratio of 11.2%; return on average tangible common shareholders’ equity ratio of 15.8%. Chairman and CEO Brian Moynihan said: "We ended the year on a strong note growing earnings year over year in the 4th quarter in an increasingly slowing economic environment. The themes in the quarter have been consistent all year as organic growth and rates helped deliver the value of our deposit franchise. That coupled with expense management helped drive operating leverage for the sixth consecutive quarter. Our earnings of $27.5 billion for the year represent one of the best years ever for the bank, reflecting our long-term focus on client relationships and our responsible growth strategy. We believe we are well positioned as we begin 2023 to deliver for our clients, shareholders and the communities we serve."