Bank of America 4Q earnings rise sharply

By FinancialsFOXBusiness

Bank of America 4Q earnings top estimates

PwC Partner Mitch Roschelle, Pollster Lee Carter and FBN's Maria Bartiromo break down Bank of America's fourth-quarter results.

Bank of America reported fourth-quarter earnings $7.3 billion or profit per share of 70 cents on revenue of $22.7 billion.  Analysts expected profit per share of 63 cents on revenue of $22.39 billion.

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Shares jumped 4 percent in premarket trading.

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Earnings were helped by the corporate tax cut passed in late 2017.

In the same quarter a year ago, Bank of America took a large one-time charge related to the tax overhaul,  reporting an adjusted per share profit of 20 cents on revenue of $20.44 billion.

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Rising interest rates also helped as the bank was able to charge higher rates on loans and didn't pay out more to depositors.

Third-quarter earnings per share came in at 66 cents on revenue of $22.8 billion.