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Bank of America reported better-than-expected fourth-quarter profit on Thursday, benefiting like other U.S. banks from a strong period in trading and trading but also outperforming rivals in loan growth.
Outstanding loans increased 4% from the same period last year to nearly $1.1 trillion. That compares with JPMorgan Chase & Co.’s gains of less than 2%, Citigroup Inc’s gains of less than 1% and Wells Fargo’s loans falling.
Trading revenue increased 13% to $4.1 billion, and investment banking fees increased 44% to $1.7 billion.
Overall, Bank of America’s net profit in the final three months of last year was $6.7 billion, an increase of more than 110% compared with the same period in 2023. regional banking crisis, the FDIC will implement it in 2023.
Shares were up about 2% in premarket trading.
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