Bank of America on Thursday reported better than expected fourth-quarter profits, joining other US banks in benefiting from a robust period of dealmaking and trading but also outperforming rivals on loan growth.
Loans outstanding rose 4% compared with a year ago, to nearly $1.1tn. That compares with a gain of less than 2 per cent at JPMorgan Chase, less than 1 per cent at Citigroup and a drop in lending at Wells Fargo.
Revenue from trading rose 13 per cent to $4.1bn, and investment banking fees were up 44 per cent to $1.7bn.
Overall, BofA posted net profits of $6.7bn in the final three months of last year, a rise of more than 110 per cent compared with the same period in 2023. Earnings were up 14 per cent, excluding a large expense BofA and other banks paid the FDIC in 2023 as a result of the regional banking crisis.
Shares rose about 2 per cent in pre-market trading.
