Bank of America announces rise in profits

<p>Profits are up at Bank of America.</p>

Stocks in Bank of America are up today (January 16th) after the bank's latest results.

A rise in profits was announced by the bank, with a stronger than expected set of results revealed for the fourth quarter.

The bank's chief financial officer Bruce Thompson stated that Bank of America currently has one of the strongest balance sheets in our company's history.

It reported net income of $3.4 billion (£2.08 billion), which was up from $732 million a year earlier.

He said: "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."

Revenue in the quarter were recorded at a better than expected $22.32 billion, which was up from $19.6 billion a year earlier.

In after-hours trading in the US, stocks in Bank of America were 0.35 per cent up following the latest financial results of the company.

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