The Bank of America Corporation (BofA) announced on Friday that its revenue in the fourth quarter of the fiscal year 2022 observed an annual rise of 11% to reach $24.5 billion, slightly above expectations. Its net income rose by 1.43% compared to the same trimester the previous year to come in at $7.1 billion. Meanwhile, the bank's earnings per share (EPS) grew by 3.65% year-on-year to stand at $0.85 per share.
"We ended the year on a strong note growing earnings year over year in the 4th quarter in an increasingly slowing economic environment," Chair and Chief Executive Officer (CEO) Brian Moynihan commented. "We believe we are well positioned as we begin 2023 to deliver for our clients, shareholders and the communities we serve."
Following the release of the report, Bank of America's shares went up by 1.51% in premarket trading.
