Investing.com - Bank of America, the second largest U.S. bank, reported better-than-expected fourth-quarter earnings ahead of Thursday’s opening bell, sending its shares higher in pre-market trade.
Earlier in the day, in its fourth quarter earnings report, Bank of America said earnings per share came in at USD0.03. Excluding some items, earnings per shares totaled USD0.29, compared to expectations for USD0.20 a share.
The bank’s fourth quarter adjusted revenue totaled USD19.61 billion, below expectations for revenue of USD21 billion.
The bank’s earnings report stated that “financial results in the fourth quarter of 2012 were negatively impacted by a provision of USD2.7 billion related to the settlements with Fannie Mae with respect to representations and warranties and compensatory fees.”
Following the release of the report, shares in BAC jumped 2% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow Jones Industrial Average futures indicated a gain of 0.1%, S&P 500 futures pointed to a rise of 0.2% and Nasdaq 100 futures indicated an advance of 0.2% at the open.
Earlier in the day, in its fourth quarter earnings report, Bank of America said earnings per share came in at USD0.03. Excluding some items, earnings per shares totaled USD0.29, compared to expectations for USD0.20 a share.
The bank’s fourth quarter adjusted revenue totaled USD19.61 billion, below expectations for revenue of USD21 billion.
The bank’s earnings report stated that “financial results in the fourth quarter of 2012 were negatively impacted by a provision of USD2.7 billion related to the settlements with Fannie Mae with respect to representations and warranties and compensatory fees.”
Following the release of the report, shares in BAC jumped 2% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow Jones Industrial Average futures indicated a gain of 0.1%, S&P 500 futures pointed to a rise of 0.2% and Nasdaq 100 futures indicated an advance of 0.2% at the open.