Bank of America earnings per share beat expectations, increase 48%
Bank of America released its earnings today, which came in higher than the already positive projection put out by Briefing.com.
Earlier this week, the company predicted BoA’s earnings per share would come in at $0.38, which it beat with $0.4 per share. While this is down slightly from the third quarter, it is an increase of 48% from last year.
The net income came in at $4.7, an increase from the predicted $4.05 billion and up 43% from last year.
Revenue increased slightly under the predicted $21.09 billion to $19.99 billion, up 2.1% from last year. However, it is also down slightly from last quarter’s $21.6 billion.
Net interest income increased 6% in the fourth quarter to $10.3 billion, however this increase could be even more substantial in the first quarter of 2017.
“Strong client activity and good expense discipline created solid operating leverage again this quarter,” BoA Chief Financial Officer Paul Donofrio said. “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.”
The bank’s total mortgage production grew 29% in the fourth quarter to $21.9 billion, up from $17 billion last year.