CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Bank of America Corp. (BAC) on Friday reported fourth-quarter profit of $3.14 billion.
The bank, based in Charlotte, North Carolina, said it had earnings of 35 cents per share. Earnings, adjusted for non-recurring costs, were 70 cents per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.
The nation's second-largest bank posted revenue of $43.64 billion in the period. Its revenue net of interest expense was $21.96 billion, falling short of Street forecasts. Nine analysts surveyed by Zacks expected $24.07 billion.
Bank of America shares have decreased 1.5% since the beginning of the year, while the S&P's 500 index has stayed nearly flat. The stock has fallen nearly 4% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC