American multinational investment bank and financial services holding company, Bank of America published its fourth-quarter earnings on Wednesday.
Bank profits witnessed an increase of 28% from the year-ago quarter valued at $7 billion, or 82 cents a share. Revenue of $22.1 billion was slightly lower than analysts’ projections but was 10% higher than the fourth quarter of 2020. Despite that, the shares of the lender were down to 46.26 USD (−1.66) depreciating at today on NYSE.
Despite these sales, there was a lot like in Bank of America’s numbers, especially in the challenging earnings season for the banks, which saw stocks such as JPMorgan Chase (JPM) had higher expenses and Goldman Sachs (GS) publishing a rare depreciation on earnings Tuesday.
Revenue rose 10% to $22.17 billion, just underneath the $22.2 billion estimates. The bank stated that fourth-quarter profit rose 28% to $7.01 billion, or 82 cents a share, outperforming the 76 cents a share average. “Our fourth-quarter results were driven by strong organic growth, record levels of digital engagement, and an improving economy,” Bank of America Chief Executive Brian Moynihan said in a statement.
“We grew loans by $51 billion and added $100 billion of deposits during the quarter, further strengthening our position as the leader in retail deposits,” he further added. For the full year, Bank of America’s results were witnessing great heights as the bank notched record profits of $32 billion, up from $17.9 billion in 2021.