Following the release of better-than-expected results for the fourth quarter of fiscal 2024, Bank of America (NYSE:BAC) saw a 2% increase in premarket trade on Thursday.
The bank exceeded the consensus forecast of 77 cents for earnings per share (EPS) by reporting 82 cents.
The reported revenue, net of interest expenditure, was $25.3 billion, which was also higher than the analysts’ predicted $25.13 billion.
While net interest income on a fully taxed equivalent (FTE) basis came in at $14.51 billion, over the $14.34 billion projection, BofA’s net interest income (NII) came in at $14.36 billion, exceeding the $14.12 billion forecast.
Compared to the expected 8.75%, the bank’s return on average equity for the quarter was 9.37%.
The average return on assets was 0.8%, more than the 0.74% prediction, and the average return on tangible common equity was 12.6%, higher than the 11.9% forecast.
“We had a great fourth quarter to close off 2024. BofA Chair and CEO Brian Moynihan stated, “We saw better than industry growth in deposits and loans, and every source of revenue increased.”
Additionally, we concluded with robust capital and liquidity, which allowed us to distribute $21 billion in 2024 to shareholders. We think that Bank of America is well-positioned into 2025 thanks to this widespread momentum.