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Jan. 19, 2022, 7:03 a.m. EST

Bank of America stock jumps as profit rises above expectations, while revenue comes up a bit shy

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By Tomi Kilgore

Shares of Bank of America Corp. /zigman2/quotes/200894270/composite BAC -0.56% rallied 2.0% in premarket trading Wednesday, after the moneycenter bank reported fourth-quarter profit that rose above expectations while revenue came up a bit shy, while growth in loans and deposits helped boost net interest income (NII) despite a challenging interest rate environment. Net income rose to $6.77 billion, or 82 cent a share, from $5.21 billion, or 59 cents a share, in the year ago period, and beat the FactSet consensus of 77 cents. Total revenue rose 9.8% to $22.06 billion, below the FactSet consensus of $22.18 billion, as NII grew 11.3% to $11.41 billion to top expectations of $11.32 billion. Within business segments, consumer banking revenue rose 8% to $8.9 billion, global wealth and investment management revenue rose 16% to a record $5.4 billion and global banking revenue increased 24% to $5.9 billion, while global markets revenue fell 2% to $3.8 billion. Within markets, equities revenue rose 3% to $1.4 billion while fixed income, currency and commodities (FICC) revenue fell 10% to $1.6 billion. The stock has slipped 0.5% over the past three months through Tuesday, while the SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF +0.02% has been little changed and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.61% has gained 1.3%.

$ 29.32
-0.16 -0.56%
Volume: 28.55M
June 8, 2023 3:11p
P/E Ratio
Dividend Yield
Market Cap
$234.93 billion
Rev. per Employee
US : U.S.: NYSE Arca
$ 33.18
+0.0050 +0.02%
Volume: 24.19M
June 8, 2023 3:11p
+26.21 +0.61%
Volume: 0.00
June 8, 2023 3:11p

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