Higher quarterly profits at Bank of America (BAC) sent BAC stock up more than 3% in Wednesday morning trading.
BAC stock gained after the big bank said that it earned $3.4 billion during the fourth quarter, up from just $732 million in the same time last year. EPS for the quarter was 29 cents per share of BAC stock, topping the 28 cents a share that Wall Street was expecting, CNN notes.
Profits from BAC’s consumer and business banking units during the quarter climbed form $1.4 billion a year ago, to $2 billion. Meanwhile, its commercial real estate unit posted a net loss of $1.1 billion, down from a $3.7 loss a year ago.
BAC reported an $11.4 billion annual profit for 2013. In 2012, it earned just $4.2 billion.
Over the past twelve months, BAC stock has gained more than 45%. BAC stock now trades over $17 a share.
News of BAC’s quarterly results boosted other major banks. Shares of JPMorgan Chase (JPM) and Wells Fargo (WFC) both rose almost 2% in Wednesday morning trading.