Bank of America Corp.’s fourth-quarter profit increased 28%, the bank said Wednesday.
The second-largest U.S. bank earned $7.01 billion, up from $5.47 billion a year earlier. Per-share earnings of 82 cents topped the 77 cents that analysts polled by FactSet had expected.
Revenue totaled $22.06 billion, up 10% from a year ago. That missed the $22.18 billion expected by analysts.
The fourth-quarter earnings drop caps off an otherwise remarkable year for Bank of America and its peers. The bank earned $31.98 billion in 2021, up from $17.89 billion in 2020. JPMorgan Chase & Co. and Goldman Sachs Group Inc. both posted declines in fourth-quarter profits, but record profits for the full year.
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