Bank of America tops expectations as higher rates help offset declines in investment banking

reported fourth-quarter results on Friday that topped expectations on the top and bottom lines.Earnings: 85 cents per share versus 77 cents a share, according to RefinitivShares of Bank of America rose about 1% in premarket trading.

Expectations were running high that Bank of America will post gains in interest income thanks to higher rates and loan growth in the fourth quarter. The bank reporter $14.7 billion of net interest income, up 29% year over year but slightly below Wall Street expectations of $14.9 billion, according to StreetAccount.

That gain helped offset a decline in investment banking fees, which fell more than 50% to $1.1 billion. That result was largely in line with expectations, according to StreetAccount., was supposed to be one of the main beneficiaries of the Federal Reserve's rate-boosting campaign. But bank stocks got hammered last year amid concerns a recession was on the way.In the first few days of the new year, Bank of America's stock is up 4%.

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Don't count on me. I'm poor!

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Bank of America says buy these stocks that generate lots of cashThe bank said investors should buy shares in companies with high levels of cash as the wider market outlook is hit with headwinds.
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