Bank of America Kicks Off Bank Earnings With a Profit Beat
January 13 2017 - 7:19AM
Dow Jones News
By Christina Rexrode and Peter Rudegeair
Bank of America Corp. said its fourth-quarter profit rose as its
trading desk benefited from the uncertainty caused by Donald
Trump's surprise election.
Quarterly profit at the Charlotte, N.C.-based bank was $4.7
billion, from $3.28 billion a year earlier. Per-share earnings were
40 cents. Analysts had expected 38 cents a share.
Revenue was $19.99 billion, from $19.58 billion a year ago.
Analysts had expected $20.85 billion.
Brian Moynihan, who this month marked his seven-year anniversary
as CEO, is enjoying a period of relative calm after years of heavy
loan losses and debilitating legal fees. Now, Mr. Moynihan is
working on improving shareholder returns. The bank's shares have
shot up by a third since Mr. Trump's election, more than the rally
across broader bank stocks.
Shares fell 0.5% in premarket trading.
Write to Christina Rexrode at christina.rexrode@wsj.com and
Peter Rudegeair at Peter.Rudegeair@wsj.com
(END) Dow Jones Newswires
January 13, 2017 07:04 ET (12:04 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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