Investing.com – Shares in Bank of America moved higher in premarket trade Wednesday after fourth-quarter revenue and earnings topped analysts’ estimates as Chairman and Chief Executive Brian Moynihan gave an upbeat view of the U.S. economy.
The company reported diluted earnings per share of $0.70 above expectations for $0.63.
Revenue came in at $22.74 billion, topping consensus of $22.36 billion.
“Operating leverage based on disciplined expense management while investing in our future, solid asset quality, and loan and deposit growth drove this quarter’s results,” Moynihan explained in the earnings release. “Through the trillions of dollars of consumer transactions we process and from the steady confidence and activity of our small business and commercial clients, we see a healthy consumer and business climate driving a solid economy.”
At 6:58 AM ET (11:58 GMT), shares in Bank of America (NYSE:BAC) gained 3.39% to $26.65 in premarket trade.
For the year, Bank of America shares are up 7.75%, out-performing the S&P 500 which is up 4.13% year to date.
Bank of America follows other major Financial sector earnings this month
On Tuesday, JPMorgan reported fourth quarter EPS of $1.98 on revenue of $26.8 billion, compared to forecasts of EPS of $2.2 on revenue of $26.9 billion.
UnitedHealth earnings beat analyst's expectations on Tuesday, with fourth quarter EPS of $3.28 on revenue of $58.42 billion. Investing.com analysts expected EPS of $3.21 on revenue of $57.93 billion.
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