Bank of America reported net income of $0.7 billion for the fourth quarter of 2012, compared to $2.0 billion in the same year-ago period.
For the full year, the company reported net income of $4.2 billion compared to $1.4 billion in 2011. Full year 2012 provision charges of $8.2 billion were $5.2 billion less than the previous year.

The bank noted that financial results in the fourth quarter of 2012 were negatively impacted by more than $5 billion in mortgage-related charges and a $700 million charge related to the value of its debt, partially offset by a $1.3 billion tax benefit.

“We enter 2013 strong and well positioned for further growth,” said chief executive officer Brian Moynihan. “Double-digit growth since last year in mortgage production, commercial lending, and Global Markets revenue demonstrates the power of deeper customer and client relationships as we intensify the focus on connecting all our capabilities.”

To read the Bank of America news release click here.