Bank of America share price rises in pre-market trading as bank reports 9.8 per cent rise in quarterly profit

 
Lauren Fedor
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Bank of America beat analyst expectations this morning when it reported a 9.8 per cent rise in profit for the fourth quarter.

The second-largest US bank by assets, Bank of America reported a profit of $3.34bn (£2.34bn), or 28 cents a share.

Analysts had expected earnings of 26 cents a share, according to consensus compiled by Thomson Reuters.

For the same period in 2014, the Charlotte, North Carolina-based bank had reported a profit of $3.05bn, or 25 cents a share.

Bank of America shares rose in pre-market trading this morning following the results announcement.

The results marked a bit of good news for the bank, which has seen its shares plummet in recent weeks, falling 14 per cent since the start of 2016.

The slow start to the year follows a disappointing 2015, which saw Bank of America's shares fall 5.9 per cent.

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