Bank of America profit surges above estimates

Bank of America profit surges above estimates

(Reuters) – Bank of America Corp, the second largest U.S. bank by assets, reported a 14 percent fall in quarterly profit as a decline in bond. rates increase by a percentage point, above previous.

Bank of America profits surge on cost cuts, trading gains. Although Bank of America’s overall revenue grew just 2 percent, its non-interest expenses fell 6 percent, thanks to an aggressive cost-cutting program that Chief Executive Brian Moynihan put in place last year. It aims to cut $5 billion from annual operating expenses by 2018.

Bank of America Corp. posted a record net income of $3.4 billion, or $0.29 per share, for the fourth quarter of 2013, compared to $732 million, or $0.03 per share, in the fourth quarter of 2012.

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Bank of America Corp. said Monday that a boost from the U.S. tax law and continued rising interest rates helped push first-quarter profit higher. Much of that is already in analysts’ estimates for.

Bank of America Corp’s quarterly profit rose 44 percent as its investment banking and trading units produced hefty gains, and higher long term interest rates also underpinned results for the.

Adobe said it is on track to achieve its current-quarter revenue and profit forecast. The company expected an adjusted profit of $1.15 per share and revenue of $1.95 billion for the fourth quarter.

Bank of America isn’t living up to its self-generated hype, and investors are making the bank pay. The company’s stock dropped as much as 1.7% on Tuesday, even after it reported quarterly profit.

Bank of America reported on Wednesday that its second-quarter net income rose 63 percent to $4 billion, or 32 cents a share, compared with $2.5 billion, or 19 cents a share, in the period a year earlier. Revenue increased to $22.7 billion from $22 billion in the period a year earlier. A conference call to discuss the results is being held at 8:30 a.m.

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Bank of America Corp. said its first-quarter profit rose as the lender started to see the benefits of a long-awaited rise in interest rates. Quarterly profit at the Charlotte, N.C.-based bank was.

Also see: Bank of America Q1 2019 earnings call transcript. During the quarter, the bank repurchased $6.5 billion in common stock and paid $1.4 billion in common dividends to shareholders. Bank of America’s stock dropped 1% in Wednesday’s premarket trading, after closing the previous session lower.

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