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.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.