Bank of America announced it ended the fourth quarter of 2021 with profits up 28% to $ 7.01 billion.
Earnings per share stood at 82 cents, much better than the 76 cents per share expected by the analysts interviewed by Refinitiv.
Revenue was roughly in line with forecasts of $ 22.17 billion, up from an estimated $ 22.2 billion. On an annual basis, the turnover increased by 10%.
The growth in profits is explained, among other things, by the release of reserves that had been set aside to meet possible non-performing loans (NPLs), worth $ 851 million.
Again, Bank of America benefited from the positive trend of the asset management and investment banking divisions. The stock of the US banking giant has risen by 4% since the beginning of the year, underperforming the trend of the sectorial sub-index of banking stocks KBW Bank Index, which rose by 8.6%. The stock rose by approximately 2.7% in the pre-market.