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Bank Of America Quarterly Profits Soar

Jan. 15, 2014 11:12 AM ETBAC
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Seeking Alpha Analyst Since 2013

Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.

Originally published at www.seclive.com

Bank of America Corporation (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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