(BoA) Bank of America posted a $7.01 billion net income or $0.82 per share in the fourth quarter of 2021, up 28% from the prior year and more than expected $0.77 per share.
The net income in the fourth quarter was earned from a revenue of $22.1 billion, which was 10% higher than the previous year. The revenue was lower than the forecasted $22.18 billion.
Interest income in the fourth quarter was reported at $11.41 billion, an increase of 11% from the prior year. Outstanding loans and leases were $979.12 billion, an increase of 6% from the prior quarter and Q4 2020.
In FY21, the US bank reported a net income of $31.98 billion, an increase from $17.89 billion in the prior year. The revenue in the year was reported at $89.1 billion, an improvement from $85.5 billion in FY20.
BoA reported a release of $851 million loan loss provisions in the fourth quarter.
BAC: NYSE is up +3.69%.
