This Week
  • CEO Eric Bieber M.D. must meld two systems, transition to new model.

  • President Kevin Bragg has built a career with Chrisanntha Construction Corp.

  • Planning can help reduce conflict when the time comes to end a business partnership.

  • Viewpoint Systems has been known to keep a close eye on its customers.

  • Twenty-year-old Jaquan Outlaw is off to a fast start.

  • A recent visit to Ho Chi Minh City in Vietnam was an eye-opener for RIT students.

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 service@rbj.net.


What You're Saying 

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

Post Your Own Comment

 
Username:
Password:

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