Moneycontrol
you are here: HomeNewsWorld
Jan 13, 2017 05:53 PM IST IST | Source: Reuters

BofA's profit rises 46.8 % as Trump's victory spurs trading

Bank of America Corp reported a 46.8 percent rise in quarterly profit on Friday, kicking off what is expected to be a strong period for US banks following an upswing in market activity in the wake of the US presidential election.


Bank of America Corp reported a 46.8 percent rise in quarterly profit on Friday, kicking off what is expected to be a strong period for US banks following an upswing in market activity in the wake of the US presidential election.


Also helped by a sharp fall in expenses, net income attributable to shareholders of the No. 2 US bank by assets rose to USD4.34 billion in the three months ended Dec. 31 from USD2.95 billion a year earlier. (http://bit.ly/2j7Aisq)


Earnings per share jumped to 40 cents from 27 cents. Analysts on an average had expected earnings of 38 cents per share, according to Thomson Reuters I/B/E/S, although it was not immediately clear if the reported figures were comparable.


Excluding a debt valuation adjustment, total sales and trading revenue rose 11 percent in the quarter, spurred by a surge in activity in stock and bond markets following Donald Trump's surprise victory on Nov. 8.


JPMorgan Chase & Co, the biggest US bank, and Wells Fargo & Co, the biggest mortgage lender, report results later on Friday.

BofA is also the first big US bank to report earnings since the Federal Reserve raised interest rates for only the second time since 2006 on Dec. 14.

Sections
Follow us on
Available On