Investing.com — Bank of America reported better-than-expected results for the fourth quarter of fiscal 2024, sending its shares up about 2% in premarket trading on Thursday.
The bank reported earnings per share (EPS) of 82 cents, beating the consensus estimate of 77 cents.
Revenue, excluding interest expense, was reported at $25.3 billion, also above analysts’ estimates of $25.13 billion.
BofA’s net interest income (NII) was $14.36 billion, above expectations of $14.12 billion, while net interest income on a fully taxable equivalent (FTE) basis came in at $14.51 billion, beating estimates of 14.34 billion dollars.
The bank’s return on average capital for the quarter was 9.37%, ahead of the forecast of 8.75%.
Return on average assets was 0.8%, above estimates of 0.74%, and return on average tangible common equity was 12.6%, exceeding the projection of 11.9%.
“We ended 2024 with a strong fourth quarter. Every source of income grew, and we saw better growth than growth in deposits and loans,” said BofA Chairman and CEO Brian Moynihan.
“We also finished with strong capital and liquidity, enabling us to return $21 billion of capital to shareholders in 2024. We believe this broad momentum sets up 2025 very well for Bank of America.”
