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Bank of America revenue up 11% thanks to higher net interest income


Bank of America Corporation
THE SILVER,
+0.26%

Shares rose 0.3% in premarket trades on Friday after the finance company beat earnings and revenue targets as it benefited from higher interest rates on loans. Bank of America said it made $7.1 billion, or 85 cents a share, in the fourth quarter, compared with $7 billion, or 82 cents a share, in the previous quarter. Revenue, minus interest expenses, increased 11% to $24.5 billion. Wall Street analysts expected earnings of 77 cents a share on revenue of $24.17 billion, according to data compiled by FactSet. Net interest income grew 29%, or $3.3 billion, to $14.7 billion, “due to the benefits of higher interest rates, including lower amortization costs and steady loan growth.” fixed,” the bank said.

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