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Bank of America Tops Q4 Earnings Forecast With Solid Loan Growth

January 15, 2020

Via: TheStreet

Bank of America (BAC) – Get Report posted better-than-expected fourth-quarter earnings Wednesday as loan growth offset narrowing interest rate margins at the consumer-focused lender.

Shares in the group opened weaker, however, after it cautioned that net interest income would likely be lower this year than in 2019,

Bank of America said earnings for the three months ending in December came in at 74 cents per share, up 5.7% from the same period last year and 6 cents ahead of the Street consensus forecast. Group revenues, the bank said, fell 1% to $22.5 billion, just ahead of analysts’ forecasts of a $22.35 billion tally.

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