Bank of America on Wednesday posted revenue that exceeded analysts' expectations on a rebound in buying and selling income and because the firm rep
Bank of America on Wednesday posted revenue that exceeded analysts’ expectations on a rebound in buying and selling income and because the firm repurchased shares.
The financial institution mentioned fourth-quarter revenue was $7 billion, a 4% decline from a 12 months earlier. However earnings per share have been 74 cents, an sudden 6% improve, helped by a discount in excellent shares. That exceeded the 68 cent estimate of analysts surveyed by Refinitiv. Income fell 1% to $22.5 billion, edging out the $22.35 billion estimate.
“In a steadily rising economic system marked by strong consumer exercise, our teammates produced one other sturdy quarter and 12 months, permitting us to extend investments in our prospects, communities, and staff,” CEO Brian Moynihan mentioned within the launch. “We additionally delivered for shareholders in 2019 by returning a report $34 billion in extra capital by dividends and share repurchases.”
The financial institution’s shares dropped 2% in New York buying and selling after executives warned that web curiosity revenue could be decrease within the first half of 2020 than within the fourth quarter of 2019.
Of the financial institution’s three most important divisions, solely its international markets enterprise posted a quarterly improve in revenue. The Wall Road buying and selling division had a 13% improve in earnings to $574 million as bond buying and selling income surged 25% to $1.eight billion, exceeding the $1.68 billion estimate. Inventory buying and selling produced $1 billion in…