Bank of America Corporation (NYSE: BAC) on Friday announced financial results for the fourth quarter of 2022, reporting higher net profit and revenues.
Fourth quarter net income was $7.1 billion, or $0.85 per share, compared to $7.0 billion, or $0.82 per share in the corresponding period of 2021. Revenue, net of interest expense, increased 11% to $24.5 billion.
“We ended the year on a strong note growing earnings year over year in the 4th quarter in an increasingly slowing economic environment. The themes in the quarter have been consistent all year as organic growth and rates helped deliver the value of our deposit franchise,” said Bank of America’s CEO Brian Moynihan.