Tuesday, September 30th9.2°C
22738
23371

Bank of America's profit jumps in 4Q, helped by an improving balance sheet

NEW YORK, N.Y. - Bank of America Corp. said Wednesday that its fourth-quarter profit jumped from a year earlier, as the loans on the bank's balance sheet continued to improve.

The nation's second-largest bank earned $3.44 billion in the October to December period, up from $732 million a year earlier. On a per-share basis, the bank made 29 cents, beating the 27 cents expected by financial analysts.

Profits got a big boost because Bank of America was able to significantly reduce the amount of money it holds on its balance sheet to protect itself from bad loans. The bank's provision for credit losses fell to $336 million from $2.2 billion in the same period a year earlier. The bank also had significant legal costs a year earlier, which weighed down its profits back then.

"We enter this year with one of the strongest balance sheets in our company's history," Bank of America Chief Financial Officer Bruce Thompson said in a prepared statement.

Most of Bank of America's businesses saw profits improve or remain flat during the quarter. Its consumer and business banking division, by far BofA's biggest business, made a profit of $1.97 billion in the fourth quarter, up from $1.45 billion in 2012.

Fourth-quarter revenue rose to $22.32 billion from $19.6 billion, exceeding analysts' forecasts of $21.2 billion.

For the full year, Bank of America had a profit of $11.43 billion on revenue of $89.8 billion.

Bank of America was up 3 per cent in pre-market trading.

The Canadian Press


Read more Business News

23392


Recent Trending




Today's Market
S&P TSX14960.51-16.41
S&P CDNX909.29-3.47
DJIA17042.90-28.32
Nasdaq4493.39-12.462
S&P 5001972.29-5.51
CDN Dollar0.8918-0.0012
Gold1206.50-5.10
Oil89.95+0.19
Lumber333.20+0.30
Natural Gas4.124+0.003

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.26+0.03
Cantex0.065-0.025
Anavex Life Sciences0.184-0.001
Metalex Ventures0.0550.00
Russel Metals34.57+0.08
Copper Mountain Mining2.42-0.10
Colorado Resources0.165+0.015
ReliaBrand Inc0.019-0.001
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.32-0.02

 



23423

FEATURED Property
1792121161 - 9845 Eastside Road, Vernon, BC
4 bedrooms 4 baths
$3,195,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_





23499


Member of BC Press Council


22814