Plus   Neg

Bank Of America Q4 Profit Tops Estimates; Revenue Down 10%

Bank of America (BAC) reported fourth-quarter profit per share of $0.59 compared to $0.74, prior year. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $0.55, for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter revenue, net of interest expense declined 10% to $20.1 billion from $22.3 billion, a year ago. Analysts expected revenue of $20.68 billion, for the quarter. Net interest income declined 16% to $10.3 billion, driven by lower interest rates. Noninterest income declined 4% to $9.8 billion.

Chief Financial Officer Paul Donofrio said: "We grew deposits by $361 billion, improved our capital ratios and increased liquidity to record levels, exceeding loans. We were able to support the economy by raising $772 billion in capital on behalf of clients, invest in our franchise and still be in a position to return $4.8 billion in capital to our shareholders in the first quarter of 2021 in the form of common stock repurchases and dividends."

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT