Bank of America Corporation (BAC) has announced a significant increase in its fourth-quarter profits compared to the same quarter the previous year, surpassing Wall Street's expectations. The company's net income amounted to $6.399 billion, translating to earnings of $0.82 per share. This is a substantial rise from the $2.838 billion, or $0.35 per share, reported in the fourth quarter of the prior year. On average, analysts had predicted earnings of $0.77 per share, based on data compiled by Thomson Reuters, which generally exclude special items.
Furthermore, the company's quarterly revenue saw a 15.4% increase, reaching $25.347 billion, up from $21.959 billion last year.
A quick overview of Bank of America’s latest financial results under Generally Accepted Accounting Principles (GAAP):
- Fourth Quarter Earnings: $6.399 billion, compared to $2.838 billion in the previous year.
- Earnings Per Share (EPS) for Q4: $0.82 versus $0.35 last year.
- Revenue for Q4: $25.347 billion, compared to $21.959 billion in the previous year.
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