Bank of America earning risw on lower expenses

GMT 13:26 2016 Wednesday ,20 January

Arab Today, arab today Bank of America earning risw on lower expenses

Bank of America
New York - AFP

Bank of America reported higher fourth-quarter earnings Tuesday as lower expenses and solid overall loan growth offset the hit from its exposure to the slumping oil sector.

Earnings for the quarter ending December 31 were $3.3 billion, up 9.3 percent from the year-ago period.

Revenues rose 4.2 percent to $19.8 billion.

BofA saw non-interest expenses fall 2.2 percent to $13.9 billion, while overall loans rose 2.7 percent to $890.7 billion.

However, like other large banks, BofA was forced to set aside higher reserves in case of defaults in the energy sector.

The company's global banking business boosted provisions by $264 million, resulting in a 9.3 percent fall in this unit to $1.4 billion.

Earnings for 2015 came in at nearly triple the prior year's at $14.4 billion. As with other banks, BofA's 2014 results were marred by huge legal expenses in the aftermath of the 2008 financial crisis.

"The 2015 results were our highest earnings in nearly a decade," said chief executive Brian Moynihan.

"We saw solid customer activity in loan growth, deposits, and wealth management asset flows, and we returned more capital to our shareholders."

Earnings for the fourth quarter translated into 28 cents per share, two cents above analyst expectations.

Shares of BofA rose 1.9 percent to $14.73 in pre-market trade.

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