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.
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 Allegrireported 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.
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. 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.
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