Investing.com - Bank of America, the second largest U.S. bank, reported better-than-expected fourth quarter earnings and revenue figures ahead of Wednesday’s opening bell, sending its shares higher in pre-market trade.
Earlier in the day, in its fourth quarter earnings report, Bank of America said earnings per share came in at USD0.29, above expectations for USD0.27 and compared to earnings per share of USD0.03 in the same period a year earlier.
The bank’s fourth quarter revenue totaled USD21.7 billion, beating estimates for revenue of USD21.14 billion and up from USD18.66 billion from a year ago.
Fourth quarter net income was USD3.4 billion, compared to USD732 million in the year-ago period.
"We are pleased to see the core businesses continue to perform well, serving our customers and clients," said Chief Executive Officer Brian Moynihan.
Immediately after the earnings announcement, Bank of America shares rose 2% in trading prior to the opening bell.
Meanwhile, U.S. stock futures pointed to a modestly higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.15% at the open, S&P 500 futures added 0.2%, while the Nasdaq 100 futures indicated a rise of 0.3% at the open.
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