Bank of America 2013 Annual Report Download - page 2
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 |
 |
50M
consumer and small
business relationships
in the U.S.
14M+
banking customers are now
making mobile connections,
staying in touch with their
finances anytime, anywhere
To our shareholders,
In 2013, the earnings power of our company
began to shine through more clearly. The
strategy we outlined several years ago is
driving growth as we better connect the
outstanding capabilities of our company for
the three groups of customers we serve:
people, companies and institutional investors.
We are helping our teams to connect more
deeply with each other so that we can bring
everything to bear that customers and
clients need to live their financial lives.
For the year, net income increased to $11.4 billion from $4.2 billion
a year ago. These results are some of the best we have seen in
recent years and a testament to the work the team is doing every
day to win in the marketplace.
Last year, Tier 1 common capital grew by 9 percent, and our
regulatory capital measures exceed all long-term requirements.
Liquidity and time-to-required funding also strengthened, and
long-term debt has been reduced by more than $200 billion
from its peak, all of which enabled our company to return more
than $3 billion in capital to shareholders last year through common
share repurchases. We know this is important to you as shareholders
and let me assure you the company is committed to returning
excess capital over time through both repurchases and dividends.
For Bank of America,
growth means making
everyday connections
—
every day. Here’s how:
Brian T. Moynihan
Chief Executive Officer
Life’s better when we’re connected