UPDATE: Bank of America Posts Drop In Q4 Profit

Bank of America (NYSE: BAC) reported a drop in its fourth-quarter profit.

Bank of America's quarterly profit declined to $732 million, or $0.03 per share, from $1.99 billion, or $0.15 per share, in the year-earlier period.

Its revenue dropped to $18.7 billion, from $24.9 billion. However, analysts were expecting earnings of $0.02 per share on revenue of $21.19 billion.

Bank of America shares fell 0.25% to $11.75 in pre-market trading.

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