=Bank of America (BAC) reported earnings on Wed 16 Jan 2019 (b/o)

Bank of America beats by $0.07, beats on revs

• Reports Q4 (Dec) earnings of $0.70 per share, $0.07 better than the S&P Capital IQ Consensus of $0.63; revenues rose 10.7% year/year to $22.89 bln vs the $22.37 bln S&P Capital IQ Consensus.
• Net interest income of $12.3B ($12.5B FTE) --  Increased $0.8B from 4Q17, reflecting the benefits from higher interest rates as well as loan and deposit growth, modestly offset by loan spread compression and higher funding costs in Global Markets
• Net interest yield (FTE basis) of 2.48%, up 9 bps
• Provision for credit losses decreased $96 million to $905 million; Net charge-off ratio declined to 0.39%
• Efficiency ratio of 58% improved 432 bps