Here are the numbers: Earnings: 82 cents a share vs. 76 cents a shares estimate, according to Refinitiv
Revenue: $22.17 billion vs. $22.2 billion estimate.
Bank of America on Wednesday topped analysts’ estimates for profit on record asset management and investment banking fees, and the release of $851 million in loan loss reserves.
Here are the numbers:
Earnings: 82 cents a share vs. 76 cents a shares estimate, according to Refinitiv
Revenue: $22.17 billion vs. $22.2 billion estimate.
The lender said that fourth-quarter profit rose 28% to $7.01 billion, or 82 cents a share, topping the 76 cents a share average estimate of analysts surveyed by Refinitiv. Revenue rose 10% to $22.17 billion, just under the $22.2 billion estimate.
The second-biggest U.S. bank by assets said that credit quality improved during the quarter, allowing it to release the $851 million in reserves and book a nearly half-billion-dollar benefit after $362 million in charge-offs. The bank said it was the lowest loss rate for loans in more than five decades.
Shares of the lender rose 0.4% after climbing as much as 5% earlier in the session.
