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BofA profit beats estimates as higher rates bolster interest income

Saturday, January 14, 2023
BofA profit beats estimates as higher rates bolster interest income © Reuters. A person walks past a Bank of America sign in the Manhattan borough of New York City, New York, U.S., January 19, 2022. REUTERS/Carlo Allegri
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(Reuters) -Bank of America Corp reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year.

The 'higher-for-longer' rate environment to battle decades-high inflation has underpinned profits at consumer banks, with analysts expecting those gains to peak in 2023 and help offset sluggish dealmaking as well as bigger loan loss provisions.

Bank of America (NYSE:BAC)'s net interest income (NII) — a metric that measures the difference between the interest earned on loans and paid out on deposits — surged 29% to $14.7 billion in the quarter.

Its profit applicable to common shareholders rose 2% to $6.9 billion, or 85 cents per share. Analysts, on average, had estimated a profit of 77 cents per share, according to Refinitiv IBES data.

The bank's revenue, net of interest expense, increased 11% to $24.5 billion.

"We ended the year on a strong note, growing earnings year over year in the fourth quarter in an increasingly slowing economic environment," Chief Executive Brian Moynihan said in a statement.

The economic outlook darkened in 2022 as the Russsia-Ukraine conflict, high inflation and growing fears of a recession prompted lenders to set aside bigger reserves for bad loans and also cast a pall over capital markets, curbing investor appetite for deals and straining investment banking units.

Bank of America's investment banking fees more than halved to $1.1 billion in the quarter, taking some shine off the gains in its consumer business.

The bank added $403 million to its net reserve build. That compares with a net reserve release of $851 million a year ago.

Bank of America's shares were up 0.3% in premarket trading. The stock lost about 25.5% last year.

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09-12-2023 14:58:55 (UTC+7)

EUR/USD

1.0764

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↑ Buy

Moving Avg:

Buy (12)

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EUR/USD

1.0764

-0.0028 (-0.26%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

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GBP/USD

1.2550

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Moving Avg:

Buy (9)

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Buy (6)

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USD/JPY

144.95

+0.82 (+0.57%)

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Moving Avg:

Buy (2)

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Buy (2)

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AUD/USD

0.6577

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Neutral

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Buy (6)

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USD/CAD

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155.99

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EUR/CHF

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Gold Futures

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S&P 500

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DAX

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US Small Cap 2000

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10,223.40

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193.36

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    EUR/USD 1.0764 ↑ Buy  
    GBP/USD 1.2550 ↑ Buy  
    USD/JPY 144.95 ↑ Sell  
    AUD/USD 0.6577 Neutral  
    USD/CAD 1.3582 ↑ Sell  
    EUR/JPY 155.99 ↑ Sell  
    EUR/CHF 0.9471 Buy  
    Gold 2,020.80 ↑ Buy  
    Silver 23.290 ↑ Sell  
    Copper 3.8340 Neutral  
    Crude Oil WTI 71.26 Sell  
    Brent Oil 75.65 Sell  
    Natural Gas 2.552 ↑ Sell  
    US Coffee C 177.70 ↑ Buy  
    Euro Stoxx 50 4,522.25 Neutral  
    S&P 500 4,604.37 ↑ Sell  
    DAX 16,759.22 Neutral  
    FTSE 100 7,554.47 ↑ Sell  
    Hang Seng 16,324.50 Sell  
    Small Cap 2000 1,880.82 ↑ Sell  
    IBEX 35 10,223.40 Neutral  
    BASF 45.190 ↑ Buy  
    Bayer 31.90 ↑ Sell  
    Allianz 243.80 Sell  
    Adidas 193.36 ↑ Buy  
    Lufthansa 8.364 ↑ Sell  
    Siemens AG 162.42 ↑ Buy  
    Deutsche Bank AG 11.824 Buy  
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