Bank of America 2018 results surpass analyst forecasts as shares jump nearly 5%.

Profits in Bank of America’s consumer banking business rose by 52% year-on-year to $3.3bn. Furthermore, loans grew by about 1.9%, and debit and credit card spending expanded by 6%.

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One of the only disappointing results came down to its fixed-income trading. Revenue fell 15% to $1.45bn, which was below expected sales of $1.62bn.

In addition, Bank of America’s quarterly profit tripled to a record of $7.3bn.

Bank of America 2018 results: the highlights

The sharp rise in profit for the fourth quarter was largely driven by the bank’s strong results from its consumer banking business.

Some other highlights include:

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  • Revenue for the fourth quarter came in at $22.7bn, that surpassed estimates of $22.36bn,
  • 26.4 million mobile banking customer, up 9%,
  • Consumer payments $721bn, up 7% and
  • 36.3 million active digital banking users

CEO of Bank of America, Brian Moynihan, stated:

“I am proud of our teammates who produced record earnings for the quarter and the year by driving responsible growth. Our teammates worked for our customers and delivered solid loan and deposit growth, and other activity, while
managing risk well.

“In addition to lending and investing activities, we shared success in many ways: returning nearly $26 billion in capital to our shareholders; a second bonus since U.S. tax reform passed last year, impacting 95% of our teammates, to share success from our performance and the benefits of tax reduction; and more than $200 million of philanthropic giving to our communities.

“Through the trillions of dollars of consumer transactions we process and from the steady confidence and activity of our small business and commercial clients, we see a healthy consumer and business climate driving a solid economy. Each of our businesses faces opportunities to grow even more. We are well positioned to serve clients, teammates, and communities by listening to their answer when we ask them: ‘What would you like the power to do?’”