CHARLOTTE, N.C. (AP) _ Bank of America Corp. (BAC) on Wednesday reported fourth-quarter net income of $6.99 billion.
The Charlotte, North Carolina-based bank said it had earnings of 74 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.
The nation’s second-largest bank posted revenue of $27.14 billion in the period. Its revenue net of interest expense was $22.35 billion, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $22.01 billion.
Bank of America shares have climbed slightly since the beginning of the year, while the Standard & Poor’s 500 index has risen 31%. The stock has risen 34% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC
The Associated Press