Bank of America Corp. (BAC – Get Report) said profit doubled in the fourth quarter from a year earlier, when the second-largest U.S. bank took a big write-down related to passage of the 2017 tax law.
Net income rose to $7.3 billion, the Charlotte-based bank said Wednesday in a press release. Earnings per share were 70 cents, above the average analyst estimate of 63 cents in a FactSet survey.
Net revenue rose 11% to $13.1 billion, according to the bank, while noninterest expenses fell by 1.1%.
