Bank of America Q4 profits top expectations
By Michele Maatouk
Date: Friday 13 Jan 2023
(Sharecast News) - Bank of America posted better-than-expected fourth-quarter profits on Friday as rising interest rates boosted net interest income.
Net interest income for the quarter jumped 29% to $14.7bn, with profit applicable to common shareholders up 2% at $6.9bn, or 85 cents a share. Analysts had been expecting 77 cents a share.
Meanwhile, revenue pushed up 11% to $24.5bn.
Chair and chief executive Brian Moynihan said: "We ended the year on a strong note growing earnings year over year in the fourth quarter in an increasingly slowing economic environment.
"The themes in the quarter have been consistent all year as organic growth and rates helped deliver the value of our deposit franchise. That coupled with expense management helped drive operating leverage for the sixth consecutive quarter.
"Our earnings of $27.5bn for the year represent one of the best years ever for the bank, reflecting our long-term focus on client relationships and our responsible growth strategy. We believe we are well positioned as we begin 2023 to deliver for our clients, shareholders and the communities we serve."
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