Bank of America (BAC) shares jumped 6.6% in pre-market trading as the bank’s fourth quarter revenue beat analysts’ expectations, and the company said it expects to make significant progress at improving its capital ratios.
Bank of America posted 15 cents of EPS, in-line with expectations. But revenue of $25.15 billion beat expectations for $24.08 billion. The company’s global banking and markets business posted a $433 million loss, but credit card results improved and that division saw about $1 billion in profits. Bank of America also upped its expectations for its Tier 1 Common ratio under Basel III rules expectations to 7.25%-7.5% from 6.75%-7% by the end of 2012, a sign that its balance sheet is in better shape than many had feared.
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