Bank of America posted Q4 profit that exceeded analysts’ expectations, with EPS at $0.74 vs. the $0.68 estimate.
on Wednesday posted profit that exceeded analysts' expectations on a rebound in trading revenue and as the company repurchased shares.
"In a steadily growing economy marked by solid client activity, our teammates produced another strong quarter and year, allowing us to increase investments in our customers, communities, and employees," CEO Brian Moynihan said in the release. "We also delivered for shareholders in 2019 by returning a record $34 billion in excess capital through dividends and share repurchases."
Of the bank's three main divisions, only its global markets business posted a quarterly increase in profit. The Wall Street trading division had a 13% increase in earnings to $574 million as bond trading revenue surged 25% to $1.8 billion, exceeding the $1.68 billion estimate. Stock trading produced $1 billion in revenue, a 4% decline and just under the $1.07 billion estimate.
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