Bank of America posted a 28% increase in its bottom line in the fourth quarter of 2021, as its revenues grew at a faster pace than expenses, the firm announced in a filing.
- Net income for the quarter grew to $7.0 billion from $5.5 billion in 2020, bringing diluted earnings per share up to $0.82 from $0.59. Revenue climbed to $11.1 billion from $20.1 billion, while provisions for credit losses stood at -$0.5 billion from $0.1 billion.
- Year-to-date net income jumped to $32.0 billion from $17.9 billion, with diluted earnings per share up to $3.57 from $1.87. Revenue increased to $89.1 billion from $85.5 billion, and provisions for credit losses fell to -$4.6 billion from $11.3 billion.
- Chief Executive Officer Brian Moynihan said the company strengthened its top position in retail deposits during the quarter, adding $100 billion and growing loans by $51 billion.
Chief Financial Officer Alastair Borthwick said the investment banking and wealth management businesses benefited from robust markets and strong client relationships. BAC is up 4.15%.