Bank Of America Q4 Profit Soars, Results Top Estimates

(RTTNews) - Bank of America Corp. (BAC) reported Thursday that net income applicable to common shareholders for the fourth quarter soared to $6.40 billion or $0.82 per share from $2.84 billion or $0.35 per share in the prior-year quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $1.45 billion, compared to $1.10 billion last year.

Total revenue, net of interest expense, increased 15 percent to $25.35 billion from $21.96 billion in the prior-year quarter. Wall Street expected revenues of $25.13 billion for the quarter.

Net interest income was $14.36 billion, up 3 percent from $13.95 billion last year, driven primarily by Global Markets activity, fixed-rate asset repricing and loan growth, partially offset by the impact of lower interest rates.

Non-interest income increased to $10.99 billion from $8.01 billion last year. Noninterest expense decreased 5 percent to $16.79 billion from last year.

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