Bank of America 2006 Annual Report Download - page 55

In December 2005, we entered into a definitive agreement with a
consortium led by Johannesburg-based Standard Bank Group Limited for
the sale of our assets and the assumption of liabilities in Argentina. This
transaction is expected to close in early 2007.
In August 2006, we announced a definitive agreement to sell our
operations in Chile and Uruguay for equity in Banco Itaú and other consid-
eration totaling approximately $615 million. These transactions are
expected to close in early 2007.
Global Wealth and Investment Management
2006
(Dollars in millions) Total
Private
Bank
Columbia
Management
Premier
Banking and
Investments
ALM/
Other
Net interest income (1) $ 3,881 $ 1,000 $ (37) $ 2,000 $ 918
Noninterest income
Investment and brokerage services 3,449 1,014 1,532 752 151
All other income 449 84 43 126 196
Total noninterest income 3,898 1,098 1,575 878 347
Total revenue (1) 7,779 2,098 1,538 2,878 1,265
Provision for credit losses (40) (52) — 13 (1)
Noninterest expense 4,005 1,273 1,007 1,361 364
Income before income taxes
(1)
3,814 877 531 1,504 902
Income tax expense 1,411 324 196 556 335
Net income $ 2,403 $ 553 $ 335 $ 948 $ 567
Shareholder value added $ 1,340 $ 302 $ 196 $ 574 $ 268
Net interest yield
(1)
3.29% 3.20% n/m 2.93% n/m
Return on average equity 23.20 22.46 20.66% 26.89 n/m
Efficiency ratio
(1)
51.48 60.69 65.49 47.29 n/m
Period end – total assets
(2)
$137,739 $34,047 $3,082 $105,460 n/m
2005
(Dollars in millions) Total
Private
Bank
Columbia
Management
Premier
Banking and
Investments
ALM/
Other
Net interest income (1) $ 3,820 $ 1,008 $ 6 $ 1,732 $1,074
Noninterest income
Investment and brokerage services 3,140 1,014 1,321 670 135
All other income 356 65 32 148 111
Total noninterest income 3,496 1,079 1,353 818 246
Total revenue
(1)
7,316 2,087 1,359 2,550 1,320
Provision for credit losses (7) (23) – 18 (2)
Noninterest expense 3,710 1,237 902 1,266 305
Income before income taxes
(1)
3,613 873 457 1,266 1,017
Income tax expense 1,297 314 165 456 362
Net income $ 2,316 $ 559 $ 292 $ 810 $ 655
Shareholder value added $ 1,263 $ 337 $ 142 $ 461 $ 323
Net interest yield
(1)
3.19% 3.37% n/m 2.53% n/m
Return on average equity 22.52 25.28 16.95% 24.52 n/m
Efficiency ratio
(1)
50.72 59.27 66.37 49.65 n/m
Period end – total assets
(2)
$129,232 $31,736 $2,686 $102,090 n/m
(1) Fully taxable-equivalent basis
(2) Total Assets include asset allocations to match liabilities (i.e., deposits).
n/m = not meaningful
Bank of America 2006 53