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Author: Alan LittleDate: 2022-01-20

Bank of America (BAC) +4% on Q4 earnings beat, record 2021

Bank of America (BAC) was the latest Wall Street bank to report on Wednesday, and it was received favourably by investors as shares advanced 4% in early trading.

Bank of America (BAC) traded 4% higher on Wednesday after the investment bank and financial services company posted a Q4 earnings beat amid strong organic growth and rising engagement online.

For the three months to 31st December, Bank of America said that earnings per share jumped 28.8% from a year ago to $0.82, which was six cents up on the Wall Street consensus.

Group revenues also ticked 10% higher at $22.1bn, but that was not quite enough to top the $22.23bn forecasts, though there was strength elsewhere as net interest income and total loan value climbed 11% and 8%, respectively.

CEO Brian Moynihan said that Bank of America was able to piggyback on an improving economy to deliver robust results and strengthen its market-leading position in retail deposits, which surged by $100bn in Q4.

He added: “We earned a record $32 billion in 2021, with every business line solidly contributing.”

Bank of America shares got a boost early on Wednesday with a 4% rise after the opening bell, which increased the price to $48.07.

There have been a flurry of quarterly reports from Wall Street banks this week, but it has not been all good news as both JPMorgan (JPM) and Goldman Sachs (GS) gave investors pause for thought with mixed returns.

Morgan Stanley (MS) continued that trend when it said that revenue had only risen 1% to $14.5bn, which was below the $14.6bn expectations, though it did better with $2.01 earnings per share versus the $1.94 consensus.

CEO James Gorman talked up the bank’s “scale, capital flexibility, momentum and growth” in a statement.

MS shares eased higher on Wednesday, with a 0.94% advance pricing shares at $94.89.

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