Bank of America (BAC) Q4 2024 Earnings | Wilnesh News

Bank of America Results reported on Thursday beat profit and revenue expectations, with investment banking and interest income beating expectations.

Here’s what the company reports:

• Profit: 82 cents, LSEG expected 77 cents
• Revenue: $25.5 billion, $25.19 billion expected

The company said profits surged 47% to $6.67 billion, or 82 cents a share, compared with the same period last year, when the bank was assessed $2.1 billion in FDIC charges related to regional bank failures in 2023 and 16 more. Billions of dollars in charges related to interest rate swaps.

Revenue rose 15% to $25.5 billion on higher investment banking and asset management fees and strong trading results.

Investment banking fees soared 44% to $1.65 billion, about $180 million higher than analysts expected. It’s a sign that the company’s bankers are ending the year on a strong note, as just last month Chief Executive Brian Moynihan told investors investment banking fees would rise 25% this quarter.

Unlike competitors, including Goldman SachsBank of America’s trading business didn’t significantly beat expectations for the quarter. Fixed-income revenue rose 13% to $2.48 billion, roughly in line with StreetAccount’s forecast, while equity revenue rose 6% to $1.64, also broadly in line with expectations.

But the company said net interest income, one of the bank’s most closely watched figures, rose 3% to $14.5 billion, about $170 million above expectations.

The company’s fortunes appear to depend more on interest rates and their impact on net interest income than those of other large banks. Investors will be eager to know the company’s targets for 2025, especially with expectations of a rate cut being dampened.

Wednesday, JPMorgan Chase and Goldman Sachs beat expectations for better-than-expected results from the Wall Street unit. Morgan Stanley is also scheduled to report results on Thursday.

This story is developing. Please check back for updates.