Investing.com - Bank of America (NYSE:BAC) reported fourth-quarter earnings some 7% ahead of analysts' expectations on Wednesday, although revenue and profit fell slightly from a year earlier as a consequence of the Federal Reserve's interest rate cuts in late 2019.
The firm reported earnings per share of $0.74 on revenue of $22.35 billion. Analysts polled by Investing.com anticipated EPS of $0.69 on revenue of $22.22 billion.
Return on tangible common equity, a core measure of profitability, fell to 15.4% from 16.3% a year earlier.
CEO Brian Moynihan said the bank had delivered "another strong quarter" and said the results reflected "a steadily growing economy marked by solid client activity."
Bank of America follows other major Financial sector earnings this month
On Tuesday, JPMorgan reported fourth quarter EPS of $2.57 on revenue of $29.21B, compared to forecasts of EPS of $2.35 on revenue of $27.87B.
UnitedHealth earnings beat analysts' expectations on Wednesday, with fourth quarter EPS of $3.9 on revenue of $60.90B. Investing.com analysts expected EPS of $3.77 on revenue of $60.93B
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