Bank of America on Wednesday posted profit that exceeded analysts’ expectations on a rebound in trading revenue and as the company repurchased shares.
The bank said fourth-quarter profit was $7 billion, a 4% decline from a year earlier. But earnings per share were 74 cents, an unexpected 6% increase, helped by a reduction in outstanding shares. That exceeded the 68 cent estimate of analysts surveyed by Refinitiv. Revenue fell 1% to $22.5 billion, edging out the $22.35 billion estimate.
“In a steadily growing economy marked by solid client activity, our teammates produced another strong quarter and year, allowing us to increase investments in our customers, communities, and employees,” CEO…