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

January 13, 2023


Bank of America reported fourth-quarter results on Friday that showed higher interest rates helped the Wall Street giant make up for a sharp slowdown in investment banking.

Here are the key metrics compared with what Wall Street expected:

  • Earnings: 85 cents per share versus 77 cents a share, according to Refinitiv
  • Revenue: $24.66 billion versus $24.33 billion, according to Refinitiv

The results were boosted by sizeable gains in interest income thanks to higher rates and loan growth in the fourth quarter. The bank reported $14.7 billion of net interest income, up 29% year over year but slightly below Wall Street expectations of $14.8 billion, according to StreetAccount.

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