Bank of America (NYSE:BAC): Q4 GAAP EPS of $0.85 beats by $0.08. Revenue of $24.53B (+11.2% Y/Y)beats by $360M.
Bank of America shares jumped 1.5% on Q4 report.
Net interest income (NII)(E) up $3.3 billion, or 29%, to $14.7 billion, driven by benefits from higher interest rates, including lowerpremium amortization expense, and solid loan growth – Noninterest income of $9.9 billion declined $799 million, or 8%, as declines in investment banking and asset management fees as well as lower service charges more than offset higher sales and trading revenue
• Provision for credit losses of $1.1 billion increased $1.6 billion – Net reserve build of $403 million vs. net reserve release of $851 million in Q4-21(C) – Net charge-offs of $689 million increased compared to prior year but remained well below pre-pandemic levels
Client balances relatively flat at $1.6 trillion4
Average deposits of more than $1 trillion, up $20 billion, or 2% Combined credit/debit card spend of $223 billion, up 5%
