BofA Says Profit Quadruples as Mortgage Costs Ebb

Bank of America Corp., the second-biggest U.S. lender, quadrupled its quarterly profit and beat Wall Street estimates as the company quelled claims tied to defective mortgages. The stock reached its highest level in more than three years.

Fourth-quarter net income rose to $3.44 billion, or 29 cents a diluted share, from $732 million, or 3 cents, a year earlier, according to a statement today from the Charlotte, North Carolina-based firm. The average estimate of 27 analysts surveyed by Bloomberg was 27 cents, adjusted for one-time items. For the full year, profit more than doubled to $11.4 billion.