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Bank Of America Q4 Profit Surges; Revenue Up 6% On Adjusted Basis

RTTNews Wednesday, 16 January 2019
Bank of America (BAC) reported fourth-quarter net income of $7.3 billion, up 208% from prior year, driven by continued strong operating leverage and asset quality, as well as the benefit of tax reform impacting 2018. Fourth-quarter net income was up 39% adjusting for the impact of the Tax Act in prior year. Pretax income was $8.7 billion rose 41% (22% on an adjusted basis) from previous year. Earnings per share was $0.70, up 250% (49% on an adjusted basis). On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.63 for the quarter. Analysts' estimates typically exclude special items.
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News video: Bank of America Merrill Lynch Has Amazing Earnings Quarter

▶ Bank of America Merrill Lynch Has Amazing Earnings Quarter 00:31

Bank of America Merrill Lynch announced fourth-quarter earnings results Wednesday, handily beating expectations with $0.70 in adjusted earnings of per share and record net earnings of $7.3 billion. Analysts had projected the bank to report adjust earnings of $0.63 per share. Fixed-income trading...

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