Bank of America (BAC) has reported better-than-expected financial results for the fourth and final quarter of 2024.
The second largest commercial lender in the U.S. announced earnings per share (EPS) of $0.82 U.S., which topped the $0.77 U.S. that had been expected on Wall Street.
Revenue in the quarter totaled $25.50 billion U.S., which beat the consensus forecast among analysts that called for sales of $25.19 billion U.S.
Management attributed the strong results to better-than-expected investment banking and interest income achieved during the quarter.
Bank of America noted in its earnings release that its profit rose 47% in the fourth quarter from a year earlier.
Like other Wall Street firms, Bank of America said that it is benefitting from a resumption of dealmaking and a continued rise in net interest income.
The bank had guided for net interest income of $14.3 billion U.S., which it achieved.
Bank of America Chief Executive Officer (CEO) Brian Moynihan has said that investment banking fees could rise 25% as deals heat-up this year.
The stock of Bank of America has gained 47% over the past 12 months to trade at $47.10 U.S. per share.
