(CHARLOTTE) -- Bank of America Corporation reported net income of $2 billion, or $0.15 per diluted share, for the fourth quarter of 2011. This compared with a net loss of $1.2 billion, or $0.16 per diluted share during the same period of the prior year.

For the full year, the Charlotte-based bank reported net income of $1.4 billion, or $0.01 per diluted share. It is an about face from 2010 when the company recorded a net loss of $2.2 billion, or $0.37 per diluted share.

"We enter 2012 stronger and more efficient after two years of simplifying and streamlining our company," said Chief Executive Officer Brian Moynihan.

“Our fourth-quarter results reflect the aggressive steps we have been taking to strengthen the balance sheet and position the company for long-term growth," said Chief Financial Officer Bruce Thompson.