Bank Of America Earnings Beat Analysts' Expectations
Bank of America is reporting higher fourth quarter profits than the same period a year ago. The bank says its profit was $3.01 billion, or 28 cents per share, for the three month period ending in December. That’s nearly 10 percent higher than the same period a year earlier. The results beat analysts’ expectations of 27 cents a share on average. Bank of America says the increased earnings were spurred by lower expenses and continued improvement in its consumer banking division. The bank’s revenue in the quarter was $19.53 billion compared with $18.73 billion the year before.