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Showing posts with the label Banks:

Bank of America shares rise more than 3% after posting record earnings

Fred Imbert 3 minutes Brian Moynihan, CEO of Bank of America Heidi Gutman | CNBC Bank of America  reported on Wednesday better-than-expected profit and revenue for the fourth quarter, driven by a strong performance from its consumer-banking business and lower taxes. The results sent the bank’s shares up more than 3 percent in the premarket. Here is how the bank did in the previous quarter compared to analyst expectations: Earnings: 73 cents per share vs 63 cents expected, according to Refinitiv Revenue: $22.7 billion versus a forecast of $22.397 billion Bank of America’s quarterly profit tripled to $7.3 billion, a record. The bank also said it bought back $26 billion in common stock. “Operating leverage based on disciplined expense management while investing in our future, solid asset quality, and loan and deposit growth drove this quarter’s results,” CEO Brian Moynihan said in a statement. “Through the trillions of dollars of con