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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.
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