Bank of America Corp., the second-biggest U.S. lender, said profit rose 9.4 percent on gains in fees and declines in expenses.
Fourth-quarter net income climbed to $3.34 billion, or 28 cents a share, from $3.05 billion, or 25 cents, a year earlier, the Charlotte, North Carolina-based company said Tuesday in a statement.
Chief Executive Officer Brian T. Moynihan, 56, is trimming expenses as low interest rates and volatile markets stymie revenue growth. Since taking over in 2010, he's dealt with charges tied to his predecessor's acquisitions of Countrywide Financial Corp. and Merrill Lynch & Co., which have contributed to more than $70 billion in costs since the financial crisis.
Bank of America shares have slipped 6 percent in the past year, compared with the 5.5 percent decline in the 24-company KBW Bank Index.
Total revenue rose 4.3 percent to $19.5 billion from a year earlier. Expenses fell 2 percent to $13.9 billion, matching the estimate of David Konrad, a Macquarie Group Ltd. analyst.