Bank of America today reported a dip in quarterly profits following losses in its property and trading divisions despite lower expenses.
The bank's earnings for the fourth quarter came in at $3.1 billion, down 11.3% from the year-ago level. In its real estate division, the big US bank reported a loss of $397m, lower than the $1 billion loss a year ago.
The bank cited a smaller servicing portfolio, offsetting lower litigation costs in this segment.
Its global markets division lost $72m in the quarter, bigger than the $47m loss a year ago.
The results were marred by a drop in revenues in bond, currency and commodity trading to $1.5 billion from $1.9 billion a year ago.
On the positive side, Bank of America reported a 17.9% drop in non-interest expense to $14.2 billion due to lower litigation costs and reduced personnel spending.
Bank of America reported 2014 profits of $4.8 billion, down 57.7% from 2013, due in large part to large litigation costs.
"In 2014, we continued to invest in our businesses while reducing expenses and resolving our most signification litigation matters," said the bank's chief executive Brian Moynihan.
"There's more work and tremendous opportunity ahead as we improve on the platform we've built to serve our customers and clients, and we enter 2015 in good shape to manage both the opportunities and the challenges the markets and economy will offer," he said.
