Bank of America Corp. (NYSE: BAC) reported fourth-quarter and full-year 2015 results before markets opened Tuesday. The big bank posted diluted earnings per share (EPS) for the quarter of $0.28 on revenue of $19.8 billion. In the same period a year ago, it reported EPS of $0.25 on revenue of $18.96 billion. Fourth-quarter results also compare to the consensus estimates for EPS of $0.26 on revenue of $19.78 billion. The bank reports revenues net of interest expense.
For the full year, the bank reported EPS of $1.31 on revenues of $82.51 billion, compared with EPS of $0.36 on revenues of $85.12 billion in 2014. Consensus estimates called for EPS of $1.35 on revenues of $84.02 billion.
Credit loss provisions totaled $810 million in the quarter, up from $219 million in the same period last year. Net charge-offs increased by 23%, from $879 million to $1.15 billion. The increase in charge-offs was attributed to losses in the energy sector. The fourth-quarter 2015 reserve release amounted to $334 million, compared with the year-ago total of $660 million. On an adjusted basis, the reserve release in the fourth quarter totaled $195 million, compared with $509 million in the year-ago quarter.
Non-interest expense dropped 2% to $13.9 billion. Litigation expenses rose from $393 million in the fourth quarter of last year to $428 million. Excluding litigation expenses, non-interest expenses fell 3%.
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