NEW YORK, Jan. 16 (Xinhua) -- Bank of America reported fourth quarter earnings that topped analysts' estimate on Wednesday.
The bank said its quarterly profits tripled to 7.3 billion U.S. dollars, driven by continued strong operating leverage and asset quality, as well as the benefit of tax reform impacting 2018.
Its diluted earnings per share stood at 0.70 dollars, up 250 percent.
Its revenue, net of interest expense, increased 11 percent to 22.7 billion dollars, reflecting benefits from higher interest rates as well as loan and deposit growth.
"Operating leverage based on disciplined expense management while investing in our future, solid asset quality, and loan and deposit growth drove this quarter's results," said Brian Moynihan, chairman and chief executive officer of the bank.
He added that the bank bought back 26 billion dollars in common stock.
Shares of Bank of America rose 6.33 percent to trade at 28.23 dollars apiece in morning session on Wednesday. The bank's stock price have already risen more than 7 percent this year.
Other major banks including Goldman Sachs and Wells Fargo all reported better-than-expected earnings this week.
Goldman Sachs posted fourth-quarter earnings per share of 6.04 dollars and revenue of 8.08 billion dollars, both topping analysts' expectations. The bank's shares surged more than 6 percent after the news came out.
