Bank of America Soars on Revenue Surprise, Credit Progress

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Bank of America (BAC) shares jumped 6.6% in pre-market trading as the bank’s fourth quarter revenue beat analysts’ expectations, and the company made significant progress at improving its capital ratios.

Bank of America posted 15 cents of EPS, in-line with expectations. But revenue of $25.15 billion beat expectations for $24.08 billion. The company’s global banking and markets business posted a $433 million loss, but credit card results improved and that division saw about $1 billion in profits. Bank of America also said its Tier 1 Common Ratio rose to 9.86% by the end of the quarter, up from 8.65% at the end of the third quarter.



Original Article Source by Barrons.com