A Bank of America logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith
(Reuters) – Bank of America Corp (BAC.N) reported fourth-quarter profit that more than tripled from a year earlier, when it took a $2.9 billion charge related to changes in the U.S. tax law.
Net income applicable to common shareholders rose to $7.04 billion, or 70 cents per share, in the fourth quarter ended Dec. 31 from $2.08 billion, or 20 cents per share, a year earlier.
Analysts on average were expecting the bank to earn 63 cents per share, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable.
Revenue, net of interest expense, rose 11 percent to $22.7 billion.
Reporting by Siddharth Cavale in Bengaluru; Editing by Saumyadeb Chakrabarty
Source : Denver Post
