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Bank Of America Quarterly Profits Soar

|Includes:Bank of America Corporation (BAC)

Originally published at www.seclive.com

Bank of America Corporation (NYSE:BAC) announced its financial results for the fourth quarter of fiscal year 2013, reporting a substantial profit increase from a year ago. The second-largest U.S. bank recorded a quarterly profit of $3.44B and $0.29 per share, up from $732M a year ago. The reason for the large disparity from year to year was due to the bank paying an $11.6B settlement with Fannie Mae. Revenue improved 15% to $21.49B, beating analyst expectations of $21.24B. Similar to its competitors, Bank of America mortgage originations declined 46% from a year ago, reflecting a further decline in mortgage demand. The company's consumer real-estate division, which includes mortgages, posted a loss this quarter of $1.06B, which was an improvement from the $3.7B net loss a year ago. Revenue from fixed income, currency, and commodities increased 16% to $2.1B while its consumer and business banking posted a profit of $1.97B, up from $1.45B a year ago.

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Stocks: BAC