We have shown a resilient financial performance in 2021 and have set out clear actions to achieve a RoTE of 10 per cent by 2024. We have said that we expect the Group’s metabolic rate of income growth to be 5-7 per cent.

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• One way banks try to overcome interest rate risk is through fee income for products and services.
• And I know there’s lots of nervousness in our customers so just thinking through that, how do you respond to that question and say that we’ve done the most we can to prepare to support our customers.

The app allows clients to talk to their relationship managers via text or calls, as well as authorising investment transactions. Mox, our digital banking service for Hong Kong-based customers, went from strength to strength in 2021 and now has more than 200,000 users – triple the figure for 2020. The app, which includes a Goals and Savings calculator helps customers better manage their money. The Board will continue to oversee the task of striking the right balance between the opportunities and risks that we see. I am confident that, with the actions we have outlined to continue driving and indeed accelerating our strategic priorities, we will create long-term and sustainable value for our stakeholders. We continue to see accelerated change across the global business ecosystem, from the digital space, to trade flows and supply chain shifts, and these are just some of the reasons why we are excited at the prospects of the Group.

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While the general structure of financial statements for banks isn’t that much different from a regular company, the nature of banking operations means that there are significant differences in the sub-classification of accounts. Banks use much more leverage than other businesses and earn a spread between the interest income they generate on their assets and their cost of funds . An income statement is one of the three major financial statements that report a company’s financial performance over a specific accounting period. In addition, it contains the cornerstones of our strategy and the key figures for the financial year 2017. In addition, it contains the cornerstones of our strategy and the key figures for the financial year 2018. In addition, it contains the cornerstones of our strategy and the key figures for the financial year 2019.

To provide transparency and support collective learning, we published a detailed white paper outlining our methodology and approach. Find our investor presentations, annual reports, financial information and news. OurClimate change financial reporting resource centreprovides FAQs to help companies identify the potential financial statement impacts for their business. Also, as interest rates rise, banks tend to earn more interest income on variable-rate loans since they can increase the rate they charge borrowers as in the case of credit cards. However, exceedingly high-interest rates might hurt the economy and lead to lower demand for credit, thus reducing a bank’s net income. In the above table, BofA earned $58.5 billion in interest income from loans and investments while simultaneously paying out $12.9 billion in interest for deposits . Banks take indeposits from consumers and businesses and pay interest on some of the accounts.

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We have returned $2.6 billion of capital to shareholders over the last three years through a mix of dividends and share buy-backs. This included paying out the maximum amount we were authorised to in 2020 when the emerging pandemic resulted in a suspension of distributions.

The people and businesses we serve, connect and partner with are the engines of the new economy of trade and innovation, and central to the transition to a fair and sustainable future. Our Purpose is to drive commerce and prosperity through our unique diversity. This infuses everything we do, connecting our strategy with opportunities to drive growth and deliver our societal ambitions. Investors should monitor whether there’s an upward trend in loan-loss provisions as it might indicate that management expects an increasing number of problem loans. Substantially higher loan and lease losses might cause a bank to report a loss in income. Also, regulators could place a bank on a watch list and possibly require that it take further corrective action, such as issuing additional capital.

Supporting sustainable trade across the globe

The office is under the direction of two state auditors appointed by the state legislature. The APA audited certain operations of the Connecticut Green Bank in fulfillment of its duties under Sections and Section 2-90 of the Connecticut General Statutes. The second is around creating a new mass affluent proposition that joins up across banking, protection and investments and insurance products. The macro-economic environment remains important to the delivery of our financial ambitions. By the end of 2021 bank financial statements falling rates over the last two years have driven a greater than $2 billion reduction in net interest income which we have been working hard to replace. With the interest-rate cycle showing signs of turning, and given our positive gearing to US-dollar rates, we should recover this lost income. We’ve rallied together for our communities, reaching more than 300,000 young people through our Futuremakers programme to support education, employability, and entrepreneurship across our markets during the year.

The Federal Deposit Insurance Corporation is an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system. Learn about the FDIC’s mission, leadership, history, career opportunities, and more. Total assets R2.8 trillion / market capitalisation R271 billion (approx. USD17 billion) as at 30 June 2022.