Bank of America Corp (BAC) Earnings Highlights: What to Know About Q4

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Bank of America Corp (NYSE:BAC) has released its earnings report for the fourth quarter of 2016.

Bank of America Corp, BAC
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For the fourth quarter of 2016, Bank of America Corp reported earnings per share of 40 cents. Earnings per share reported by BAC during the same period of the year prior was 27 cents. Wall Street was expecting the company to report earnings per share of 38 cents for the fourth quarter of the year.

Bank of America Corp reported revenue of $19.99 billion for the fourth quarter of 2016. This is an increase over its revenue of $19.58 billion from the fourth quarter of 2015. However, it doesn’t meet the revenue estimate of $19.58 billion that analysts were looking for in the quarter.

Net income reported by Bank of America Corp in the fourth quarter of 2016 was $4.70 billion. The banking company reported net income of $3.28 billion during the same quarter from last year.

“Strong client activity and good expense discipline created solid operating leverage again this quarter,” Paul M. Donofrio CFO at Bank of America Corp, said in a statement. “While the recent rise in interest rates came too late to impact fourth-quarter results, we expect to see a significant increase in net interest income in the first quarter of 2017.”

Bank of America Corp also says that it will be increasing its common stock repurchases to $4.3 billion for the first half of 2017. This is a $1.8 billion increase over BAC’s previous stock repurchase amount of $2.5 billion for the first half of the year.

BAC stock was up 1% as of Friday morning.


Article printed from InvestorPlace Media, https://investorplace.com/2017/01/bank-of-america-corp-earnings-bac/.

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