The bank attributed the rise in fourth-quarter net income to strong organic growth, record levels of digital engagement, and economic recovery
Typical Bank of America branch in Los Angeles. (Credit: Coolcaesar at en.wikipedia.)
Bank of America has reported a net income of $7bn or $0.82 per diluted share for the quarter ended 31 December 2021, a 27% rise compared to $5.5bn or $0.59 per diluted share, for the corresponding quarter in 2020.
The bank reported a pre-tax income of $7.8bn for the fourth quarter (Q4) 2021, a 28% increase compared to $6.1bn for the same period prior-year.
The company reported a total revenue of $22.1bn for the Q4 2021, a 10% rise compared to $20.1bn for the same quarter in 2020.
It has attributed the rise in fourth-quarter net income to strong organic growth, record levels of digital engagement, and economic recovery.
Bank of America chairman and CEO Brian Moynihan said: “We grew loans by $51bn and added $100bn of deposits during the quarter, further strengthening our position as the leader in retail deposits.
“In Consumer, we added millions of new credit card accounts and nearly a million net new checking accounts as we continued to demonstrate the value we provide through our physical and digital capabilities.
“Wealth Management had record client flows and the strongest client acquisition numbers since before the pandemic. Investment Banking had its best year ever and Global Markets had its highest sales and trading revenue in a decade, led by record Equities performance as we invested in the business.”
The company’s consumer banking business reported a net income of $3.1bn for the Q4 2021, a 24% rise compared to $2.5bn for the respective quarter in 2020.
The bank’s global wealth and investment management unit reported a net income of $1.2bn for the Q4 2021, a 47% increase compared to $834m for the same quarter last year.
Its global banking business reported a net income of $2.6bn for the Q4 2021, a 62% rise compared to $1.6bn for the same period prior-year
The company’s global markets unit reported a net income of $669m for the Q4 2021, a 15% decline compared to $791m for the respective quarter in 2020.