Bank of America 2007 Annual Report Download - page 48
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Global Consumer and Small Business Banking
2007
(Dollars in millions) Total
(1)
Deposits
Card
Services
(1)
Consumer
Real Estate
(2)
ALM/
Other
Net interest income
(3)
$ 28,809 $ 9,423 $ 16,562 $ 2,281 $ 543
Noninterest income:
Card income
10,189 2,155 8,028 6 –
Service charges
6,008 6,003 – 5 –
Mortgage banking income
1,333 – – 1,333 –
All other income
1,343 (4) 943 54 350
Total noninterest income
18,873 8,154 8,971 1,398 350
Total revenue, net of interest expense
47,682 17,577 25,533 3,679 893
Provision for credit losses
(4)
12,929 256 11,317 1,041 315
Noninterest expense
20,060 9,106 8,294 2,033 627
Income (loss) before income taxes
14,693 8,215 5,922 605 (49)
Income tax expense (benefit)
(3)
5,263 2,988 2,210 234 (169)
Net income
$ 9,430 $ 5,227 $ 3,712 $ 371 $ 120
Net interest yield
(3)
8.15% 2.97% 7.87% 2.04% n/m
Return on average equity
(5)
14.94 33.61 8.43 9.00 n/m
Efficiency ratio
(3)
42.07 51.81 32.49 55.24 n/m
Period end – total assets
(6)
$442,987
$358,626 $257,000 $133,324 n/m
2006
(Dollars in millions) Total
(1)
Deposits
Card
Services
(1)
Consumer
Real Estate
(2)
ALM/
Other
Net interest income
(3)
$ 28,197 $ 9,405 $ 16,357 $ 1,994 $441
Noninterest income:
Card income 9,374 1,907 7,460 7 –
Service charges 5,342 5,338 – 4 –
Mortgage banking income 877 – – 877 –
All other income 1,136 1 819 27 289
Total noninterest income 16,729 7,246 8,279 915 289
Total revenue, net of interest expense 44,926 16,651 24,636 2,909 730
Provision for credit losses
(4)
8,534 165 8,089 63 217
Noninterest expense 18,375 8,783 7,519 1,718 355
Income before income taxes 18,017 7,703 9,028 1,128 158
Income tax expense
(3)
6,639 2,840 3,328 416 55
Net income $ 11,378 $ 4,863 $ 5,700 $ 712 $103
Net interest yield
(3)
8.20% 2.93% 8.52% 2.19% n/m
Return on average equity
(5)
18.11 33.42 12.90 22.18 n/m
Efficiency ratio
(3)
40.90 52.75 30.52 59.06 n/m
Period end – total assets
(6)
$399,373 $339,717 $235,106 $101,175 n/m
(1) Presented on a managed basis, specifically Card Services.
(2) Effective January 1, 2007, GCSBB combined the former Mortgage and Home Equity businesses into Consumer Real Estate.
(3) FTE basis
(4) Represents provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.
(5) Average allocated equity for GCSBB was $63.1 billion and $62.8 billion in 2007 and 2006.
(6) Total assets include asset allocations to match liabilities (i.e., deposits).
n/m = not meaningful
46
Bank of America 2007