Bank of America total mortgage production grows 13% in 4Q
EPS beats expectations
Bank of America reported fourth-quarter net income of $3.3 billion, or $0.28 per share, beating analyst expectations by $0.01.
Total mortgage production grew 13% to $17 billion in the fourth quarter, up from $15 billion last year. This is slightly up from $16.9 billion last quarter.
Additionally, the number of 60+ days delinquent first mortgage loans serviced dropped 46% to 103,000 units.
The bank’s revenue for the fourth quarter was in-line with expectations, coming in at $19.8 billion.
"The 2015 results were our highest earnings in nearly a decade, reflecting the work we’ve done to develop a straightforward operating model focused on responsible growth and doing more business with each customer and client,” said Brian Moynihan, CEO.
"Our results this quarter reflect our ongoing efforts to improve operating leverage while continuing to invest in our business. We increased net interest income, managed expenses tightly, and returned $1.3 billion in capital to our shareholders this quarter through common stock repurchases and dividends,” said Paul Donofrio, Chief Financial Officer, also said on the results.