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Jan. 15, 2020, 7:01 a.m. EST

Bank of America's stock gains after profit, revenue top expectations

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By Tomi Kilgore

Shares of Bank of America Corp. /zigman2/quotes/200894270/composite BAC -2.05% rose 0.7% in premarket trading Wednesday, after the bank reported fourth-quarter earnings that topped expectations. Net income was $6.75 billion, or 74 cents a share, compared with $7.04 billion, or 70 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 68 cents. Total revenue slipped 1.4% to $22.35 billion, from $22.68 billion, but was above the FactSet consensus of $22.22 billion. Net interest income declined 2.9% to $12.14 billion, topping expectations of $12.07 billion. Consumer banking revenue fell 4% to $9.5 billion, while combined credit/debit card spend increased 6%. Global markets revenue rose 6% to $3.4 billion, driven by the sales and trading business. Fixed income, currency and commodities revenue rose 25% to $1.8 billion, which particular improvement in mortgages, while equities revenue declined 4% to $1.0 billion given lower client activity in derivatives. The stock has surged 18.8% over the past three months through Tuesday, while the SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF -1.19% has gained 9.8% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.10% has advanced 9.6%.

/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 32.06
-0.67 -2.05%
Volume: 27.31M
Feb. 25, 2020 11:41a
P/E Ratio
11.62
Dividend Yield
2.25%
Market Cap
$285.69 billion
Rev. per Employee
$543,289
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/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 29.41
-0.36 -1.19%
Volume: 29.49M
Feb. 25, 2020 11:41a
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/zigman2/quotes/210599714/realtime
US : S&P US
3,190.52
-35.37 -1.10%
Volume: 940.18M
Feb. 25, 2020 11:41a
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