Bank of America Stock ( NYSE:BAC )
After missing Q4 consensus estimates for net interest income and credit loss provisions, Bank of America ( NYSE:BAC ) stock sank 2.6% in Friday premarket trade. As a result, Bank of America stock declined.
Earnings per share for the fourth quarter increased to $0.85 from $0.81 in the third quarter and $0.82 in the fourth quarter of 2021, surpassing the average estimate of $0.77.
Average deposit amounts of $1.93T compared to $1.96T in the previous quarter; average loan and lease balances of $1.04T compared to $1.03T.
Net interest income increased to $14.7B in Q4 from $13.8B in the previous quarter and $11.4B in the same period a year earlier, above the Visible Alpha consensus estimate of $14.8 B. The net income-to-earnings ratio has increased to 2.22% from 2.06% in the previous quarter to 1.67% a year earlier.
Noninterest income in Q4 was $9.85B, over the $9.27B expected by the Visible Alpha community. This decreased from $10.7B in Q3 to $10.7B in Q4 2021.
Compared to the previous quarter’s $898M, which included a net reserve build of $378M, the provision for credit losses was $1.09B, including a net reserve build of $403M.
Chairman and CEO of Bank of America stock Brian Moynihan said that the quarter’s recurring themes reflected a pattern that had persisted throughout the year: organic growth and rates had contributed to the value of the deposit franchise. For the sixth straight quarter, “operating leverage was driven by that and spending control.”
With $10.8B in revenue from consumer banking, up from $9.90B in Q3 a...
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