Bank of America profit jumps 27% as CEO Brian Moynihan signals 'healthy economic backdrop'

Bank of America (BAC) nett jumped 27% past 4th to $9.1 bilion arsenic the slope saw nett income maturation crossed each concern segment.

"The squad delivered 1 of our strongest quarters to date, with net per stock up 34% year-over-year," CEO Brian Moynihan said successful a statement.

Moynihan pointed to "a steadfast economical backdrop" and "resilient consumers" arsenic gross jumped 15% twelvemonth to date.

"It was besides an exceptional 4th for our markets-facing businesses, with concern banking fees up 50% year-over-year," Moynihan said. "Near-term, pipelines stay strong, and commercialized borrowing has picked up."

Bank of America's nett involvement income, the nett made from loans minus involvement paid to depositors, deed $16 billion, topping the Bloomberg statement estimation of $15.92 cardinal

Bank of America's stock-trading gross jumped 70% to $3.62 billion, smashing Wall Street statement by astir $1 billion, driven by accrued lawsuit enactment and beardown trading performance, peculiarly successful Asia and the US.

The results echoed those of Wells Fargo (WFC), which besides exceeded analysts' expectations for its 2nd 4th earnings, boosted by a 13% year-over-year summation successful gross from its wealthiness absorption and concern banking businesses.

Consumer banking and lending gross grew 6% year-over year, arsenic did commercialized banking revenue.

"We are intelligibly benefitting from the broad-based economical spot we spot successful the US, but the investments we are making and our improved operating subject besides drove beardown momentum successful our cardinal concern metrics crossed each operating segments," CEO Charlie Scharf said successful the statement.

Ines Ferre is simply a Senior Business Reporter for Yahoo Finance covering the US banal market, publically traded companies, and commodities.

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