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

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Bank of America is set to report fourth-quarter earnings — here’s what the Street expects

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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