Bank of America 4th quarter profit beats estimates, buoyed by 'organic growth' and higher interest rates
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- Bank of America reported fourth-quarter earnings Friday that topped Wall Street's forecasts.
- The lender's profit rose to $7.1 billion, or 85 cents a share, beating analyst estimates of 77 cents.
- CEO Brian Moynihan highlighted the strong numbers come in an increasingly slowing economic environment.
Bank of America posted fourth-quarter results Friday that beat analyst estimates.
Shares traded up 2.06% in Friday's premarket after the bank's earnings release, which covered the three months through December.
The Wall Street lender reported $24.5 billion in managed revenue, above analyst estimates of $24.3 billion. Fourth-quarter profit rose to $7.1 billion, or 85 cents per share, beating analyst estimates of 77 cents.
"We ended the year on a strong note growing earnings year over year in the 4th quarter in an increasingly slowing economic environment," CEO Brian Moynihan said in the earnings release. "The themes in the quarter have been consistent all year as organic growth and rates helped deliver the value of our deposit franchise."
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