This Week
  • Doctors and researchers are tapping powerful computers to improve outcomes.

  • FBI agents have launched a criminal probe involving Bristol Instruments Inc.

  • Dryden Theatre's Malin Kanis hopes to get more young adults in the theater's seats.

  • Best Lawyers in Rochester guide can help you obtain legal representation.

  • The Business Person of the Year finalists for 2015 are profiled.

  • Ex-Kodak manager Janice Gouldthorpe leads the Genesee Center for the Arts & Education.

Bank of America Q4 profit rises, beats estimates

Rochester Business Journal
January 15, 2014

Bank of America Corp. on Wednesday reported a dramatic rise in quarterly earnings, after weathering problems in its loan portfolio and further reducing its workforce.

The Charlotte, N.C.-based bank reported net income of $3.2 billion, or 29 cents per diluted share, attributable to common shareholders for the fourth quarter of 2013. That compares with $367 million, or 3 cents a share, attributable to shareholders in the fourth quarter of 2012.

Wall Street analysts projected earnings per share of 26 cents.

“We enter this year with one of the strongest balance sheets in our company’s history,” Chief Financial Officer Bruce Thompson said in a statement.

“Capital and liquidity are at record levels, credit losses are at historic lows, our cost-savings initiatives are on track and yielding significant savings, and our businesses are seeing good momentum.”

Excluding special items, net income totaled $3.4 billion, up from $732 million in the fourth quarter of 2012.

Bank of America ranks eighth in the Rochester market with local deposits of $721.5 million, data from the Federal Deposit Insurance Corp. shows.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment


Not registered? Sign up now!

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google