Bank of America has reported that its net income decreased by 95% to $340m, or $0.00 per diluted share, for the third quarter of 2012, against $6.2bn, or $0.56 per diluted share, during the same period, earlier year.

The decrease was mainly attributed to $1.9bn of debit valuation adjustments (DVA) and fair value option (FVO) adjustments related to the improvement in the company’s credit spreads, $1.6bn for total litigation expense.

Total revenue, net of interest expense, FTE basis were $20.6bn, down by 28% from $28.7bn, during the corresponding period last fiscal.

Tier 1 common capital ratio was 11.41% and an estimated Basel 3 Tier 1 common capital ratio of 8.97%, up from 7.95% as of the second quarter of 2012.

Its consumer and business banking segment net income stood at $1.28bn, down 23%, from $1.66bn, while revenues declined by 13% to $7bn, from $8.12bn, during the same period, a year ago.

Global wealth and investment management net income was $542m, up by 50%, from $362m, while its revenues $4.27bn, compared to $4.23bn during the same period in 2011.

Global banking segment posted net income of $1.29bn, with an increase of 7% from $1.2bn, while its revenues were $4.14bn, up by 5%, from $3.95bn during the comparable period, last year.