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BofA profit tops estimates as higher rates boost interest income

14 Tháng Giêng 2023
BofA profit tops estimates as higher rates boost 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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By Manya Saini and Lananh Nguyen

(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), which reflects how much money s bank makes from charging interest to customers, jumped 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 expenses, increased 11% to $24.5 billion.

Though four-decade-high inflation rates are testing U.S. consumers, spending trends have still largely been positive, bolstering Bank of America's profit in its key consumer banking unit.

"The consumer still remains in pretty good shape," said Chief Financial Officer Alastair Borthwick. "There's a lot of pent-up demand," especially for travel, he said.

Net income at the bank's consumer banking unit jumped 15% to a record $3.6 billion in the quarter. Combined credit and debit card spending rose 5% to $11 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 its consumer business.

Income at its global markets business, which includes investment banking, decline 25% to $504 million.

The bank's provision for credit losses was $1.1 billion, compared to a reserve release of $500 million in the year-ago quarter.

Its Wall Street rivals JPMorgan Chase (NYSE:JPM) and Co and Wells Fargo (NYSE:WFC) also set aside larger provisions to prepare for a tougher economy.

Bank of America's income in its global wealth and investment management business declined 2%, while global banking fell 5%.

Borthwick said the bank continues to hire, particularly in wealth management, while also remaining disciplined on its expenses. "We don't have any plans for mass layoffs," he said.

That contrasts with Goldman Sachs Group Inc (NYSE:GS), which started laying off more than 3,000 employees this week.

Bank of America's shares were down nearly 3% in premarket trading. The stock lost about 25.5% last year.

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30-05-2023 09:04:15 (UTC+7)

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    EUR/USD 1.0724 ↑ Buy  
    GBP/USD 1.2376 ↑ Buy  
    USD/JPY 140.01 ↑ Sell  
    AUD/USD 0.6553 ↑ Buy  
    USD/CAD 1.3574 Neutral  
    EUR/JPY 150.16 ↑ Sell  
    EUR/CHF 0.9687 ↑ Sell  
    Gold 1,963.35 ↑ Buy  
    Silver 23.372 ↑ Buy  
    Copper 3.6877 ↑ Buy  
    Crude Oil WTI 73.28 ↑ Buy  
    Brent Oil 77.50 ↑ Buy  
    Natural Gas 2.357 ↑ Buy  
    US Coffee C 180.75 ↑ Sell  
    Euro Stoxx 50 4,320.01 ↑ Buy  
    S&P 500 4,205.45 ↑ Sell  
    DAX 15,952.73 Neutral  
    FTSE 100 7,627.20 ↑ Sell  
    Hang Seng 18,638.50 ↑ Buy  
    Small Cap 2000 1,773.02 ↑ Buy  
    IBEX 35 9,180.10 ↑ Buy  
    BASF 46.705 Neutral  
    Bayer 54.35 Buy  
    Allianz 207.75 ↑ Buy  
    Adidas 154.32 Sell  
    Lufthansa 9.196 Sell  
    Siemens AG 156.00 ↑ Sell  
    Deutsche Bank AG 9.690 ↑ Buy  
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