 "Bank of America's Q4 profit falls 18% to $5.47 bn but tops Street views")
Bank of America says its Q4 profit fell nearly 18 per cent to $5.47 billion from $6.99 billion a year earlier.
The bank, based in Charlotte, North Carolina, said Tuesday that it had earnings of 59 cents per share, down from 74 cents a year ago.
The results, however, surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.
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Firm plans to buy back $2.9-billion stock this quarter
The firm said it plans to repurchase $2.9 billion worth of stock this quarter, the most it can under new Federal Reserve guidelines. The buybacks come on top of its 18-cent dividend and $300 million in repurchases that offset stock awards, the bank said Tuesday in a statement that came ahead of its fourth-quarter results. BofA said it had $36 billion more in capital than was needed to meet its minimum requirements.
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