UPDATE: Bank of America Posts Higher Q4 Profit

Bank of America

reported a strong rise in its fourth-quarter profit. Bank of America's quarterly profit surged to $3.44 billion, from a year-ago profit of $732 million. On a per-share basis, it earned $0.29, versus analysts' estimates of $0.26 per share. Its revenue surged 15% to $21.49 billion, versus analysts' estimates of $21.24 billion. The bank's consumer real estate division posted a loss of $1.06 billion. Bank of America shares gained 2.68% to $17.22 in pre-market trading.