Bank of America: record earnings for the fourth quarter
(CercleFinance.com) - Bank of America improved its returns and posted record earnings for the fourth quarter, beating analysts' estimates, as the lender benefited from higher interest rates.
The bank's net income more than tripled to 7.3 billion dollars from 2.4 billion a year ago. Likewise, EPS reached 70 cents, from 20 cents, easily beating the consensus of 63 cents.
While the firm benefited from Donald Trump's tax reform, its net income still rose by 39% adjusting for the impact of the tax act.
BofA's revenue, net of interest expense, rose by 11% to 22.7 billion dollars, led by higher interest rates as well as growth in loans and deposits.
Shares of the second-largest US bank by assets are up 5% in pre-market trading. They have risen by 8% over the past month.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The bank's net income more than tripled to 7.3 billion dollars from 2.4 billion a year ago. Likewise, EPS reached 70 cents, from 20 cents, easily beating the consensus of 63 cents.
While the firm benefited from Donald Trump's tax reform, its net income still rose by 39% adjusting for the impact of the tax act.
BofA's revenue, net of interest expense, rose by 11% to 22.7 billion dollars, led by higher interest rates as well as growth in loans and deposits.
Shares of the second-largest US bank by assets are up 5% in pre-market trading. They have risen by 8% over the past month.
Copyright (c) 2019 CercleFinance.com. All rights reserved.