Bank of America on Thursday posted results that topped expectations for profit and revenue on better-than-expected investment banking and interest income.
Here’s what the company reported:
- Earnings: 82 cents vs. 77 cents expected, according to LSEG
- Revenue: $25.5 billion vs. $25.19 billion expected
The company said fourth-quarter profit more than doubled to $6.67 billion, or 82 cents per share, from a year earlier, when the bank had a $2.1 billion Federal Deposit Insurance Corp. assessment tied to the 2023 regional bank failures and a $1.6 billion charge tied to accounting on interest rate swaps.
Revenue jumped 15% to $25.5 billion on rising fees from investment banking and asset management and stronger trading results.
Investment banking fees surged 44% to $1.65 billion, roughly $180 million more than analysts had expected. That indicates the company’s bankers had a strong end to the year, as just last month, CEO Brian Moynihan told…
