Bank of America (BAC) FY2013 results: revenue $87.5 billion, up 5.0% on the year
Bank of America Corp. (BAC) reported revenue of $87.5 billion for fiscal 2013, the year ended 31 December 2013, up 5.0% on the year before. Net income was $10.5 billion, up 151.6%, and diluted earnings per share $0.90. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2014.
Revenue
$87.5 billion
+5.0% on the year
FY2007FY2013
Operating margin
n/a
FY2007FY2013
Net income
$10.5 billion
+151.6% on the year
FY2007FY2013
Diluted EPS
$0.90
+260.0% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
87,502
83,334
93,454
+5.0%
Interest expense
12,755
16,744
21,620
-23.8%
Pre-tax income
14,733
3,072
-230
+379.6%
Income tax
4,194
-1,116
-1,676
Effective tax rate
28.5%
-36.3%
n/a
Net income
10,539
4,188
1,446
+151.6%
Net margin
12.0%
5.0%
1.5%
Diluted EPS
$0.90
$0.25
$0.01
+260.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
92,817
-16,056
64,490
Capital expenditure
521
n/a
1,307
Free cash flow
92,296
n/a
63,183
Cash from investing
25,058
-34,979
52,429
Cash from financing
-95,442
42,416
-104,696
Share-based compensation
363
2,270
2,600
-84.0%
Buybacks
3,220
0.0
n/a
Dividends paid
1,677
1,909
1,738
-12.2%
Dividend per share
$0.04
$0.04
$0.04
0.0%
Diluted shares, weighted
11,491m
10,841m
10,255m
+6.0%
Shares outstanding at period end
10,592m
10,778m
10,536m
-1.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
232,685
236,956
230,101
-1.8%
Deposits
1,119,271
1,105,261
1,033,041
+1.3%
Repurchase agreements
198,106
n/a
n/a
Trading liabilities
83,469
73,587
60,508
+13.4%
Debt
493,779
599,575
622,827
-17.6%
Other liabilities
n/a
194,595
182,569
Total liabilities and equity
2,102,273
2,209,974
2,129,046
-4.9%
Fixed assets
10,475
11,858
13,637
-11.7%
Goodwill
69,844
69,976
69,967
-0.2%
Intangible assets
5,574
6,684
8,021
-16.6%
Securities held for sale or to maturity
291,101
360,331
311,416
-19.2%
Loans
910,805
883,640
892,417
+3.1%
Resale agreements
190,328
n/a
n/a
Trading assets
200,993
227,775
169,319
-11.8%
Cash and equivalents
131,322
110,752
120,102
+18.6%
Other assets
291,831
538,958
544,167
-45.9%
Total assets
2,102,273
2,209,974
2,129,046
-4.9%
10-K for the year ended 31 December 2013, filed 25 February 2014: the filing.