Bank of America reported full-year 2019 net income of $27.4 billion, down 2.5% from $28.1 billion a year earlier. Revenue, net of interest expense, increased to $91.2 billion, up from $91 billion a year earlier.

The bank reported Q4/19 net income of $7 billion, down from $7.3 billion in Q4/18. Revenue, net of interest expense, decreased to $22.3 billion in Q4/19 from $22.7 billion a year earlier.

The following Q4/19 highlights were excerpted from the news release:

• Provision for credit losses increased $36 million, or 4%, to $941 million
• Net charge-off ratio was stable at 0.39% as net charge-offs were relatively unchanged
• Average loan and lease balances in the business segments rose $54 billion, or 6%, to $936 billion. Commercial loans were up 6%

Chief Financial Officer Paul Donofrio said: “The company managed well through a period of transition from rising rates to lower rates over a short period of time. Solid client activity in growing loans and gathering deposits helped us offset spread compression. We also are aided by diverse lines of business and operations, with noninterest income comprising nearly half of our revenue.”