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Bank of America Q4 results boosted by net interest income
(Sharecast News) - Bank of America beat estimates for fourth-quarter profit on the back of a sharp rise in net interest income. Net income came in at $7.6bn, or 98 cents a share, in the three months to December 31, compared with $6.8bn, or 83 cents per share, a year earlier and analysts' expectations of 96 cents.
BoA added that it expected first-quarter net interest income (NII) - the difference between what the bank pays out in interest and what it receives on loans - to rise by 7% and also reiterated a 5% - 7% NII growth forecast for fiscal 2026.
NII for the fourth quarter net interest income rose 9.7% year on year to $15.75bn driven by global markets activity, fixed-rate asset repricing, and higher deposit and loan balances, partially offset by the impact of lower interest rates.
Revenue rose 10% to $6.6bn, the increase was driven primarily by higher asset management fees, up 13% to $4.1bn, reflecting higher market valuations and strong assets under management flows.
Reporting by Frank Prenesti for Sharecast.com
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