Bank of America (BAC) Tops Q4 EPS by 4c

Bank of America (NYSE: BAC) reported Q4 EPS of $0.59, $0.04 better than the analyst estimate of $0.55. Revenue for the quarter came in at $20.1 billion versus the consensus estimate of $20.68 billion.

"During 2020, we witnessed the dramatic effects of the health crisis on the economy and our company's operations. In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers, and strong markets and investing activity. The latest stimulus package, continued progress on vaccines, and our talented teammates – who performed well helping their customers through this crisis – position us well as the recovery continues. "In the fourth quarter, we saw higher net interest income, higher Consumer revenue, record asset management fees, strong results from our Global Markets teams, and a stronger balance sheet. In 2020, we earned nearly $18 billion and achieved several key strategic objectives: gaining market share in deposits, expanding our digital leadership, and adding thousands of wealth management clients. In addition, we gained market share in investment banking and supported clients with liquidity and superior trading execution. "Also we made progress in support of our communities, committing $300 million of our $1 billion four-year initiative to help drive racial equality and economic opportunity."

For earnings history and earnings-related data on Bank of America (BAC) click here.

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