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BANK OF AMERICA REPORTS LOWER THAN EXPECTED EARNINGS

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BANK OF AMERICA REPORTS LOWER THAN EXPECTED EARNINGS

Jan 15 2015, 1.17pm GMT

STOCK.com

Stocks fall 2% pre market

The third of the big banks to report after JPMoran and Wells Fargo, Bank of America [BOA] fell short of earnings expectations driving investors away from the investment bank.

Forecast: earnings per share of 31 cents on $20.94 billion in revenue (Thomson Reuters).

Actual: earnings per share of 29 cents on $19.0 billion in revenue.

Bank of America Corporation today reported net income of $3.1 billion, or $0.25 per diluted share, for the fourth quarter of 2014, compared to $3.4 billion, or $0.29 per diluted share in the year-ago period. Revenue, net of interest expense, on an FTE basis(B) was $19.0 billion, compared to $21.7 billion in the fourth quarter of 2013. Results for the most recent quarter include three adjustments that, in aggregate, reduced revenue in the fourth quarter of 2014 by $1.2 billion (pretax) and lowered earnings per share by $0.07.

For the full year, net income was $4.8 billion, or $0.36 per diluted share, compared to $11.4 billion, or $0.90 per diluted share in 2013. Revenue, net of interest expense, on an FTE basis(B) was $85.1 billion in 2014, compared to $89.8 billion in 2013.

Claiming a solid year’s earnings, Chief Executive Officer Brian Moynihan noted investment and litigation as expenses saying, "In 2014, we continued to invest in our businesses while reducing expenses and resolving our most significant litigation matters."

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