Bank of America tops 4Q profit forecasts

Markets Associated Press

This Monday, July 18, 2016, photo shows a Bank of America ATM in Woburn, Mass. On Friday, Jan. 13, 2017, Bank of America Corp. reports financial results. (AP Photo/Elise Amendola) (The Associated Press)

Bank of America Corp. (BAC) on Friday reported fourth-quarter earnings of $4.7 billion.

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The Charlotte, North Carolina-based bank said it had earnings of 40 cents per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.

The nation's second-largest bank posted revenue of $22.56 billion in the period. Its adjusted revenue was $19.99 billion, which missed Street forecasts. Seven analysts surveyed by Zacks expected $20.62 billion.

Bank of America shares have risen almost 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 1 percent. The stock has risen 50 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC

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Keywords: Bank of America, Earnings Report, Priority Earnings