Brian Moynihan, CEO of Bank of America
Scott Mlyn | CNBC
Bank of America is scheduled to report fourth-quarter results ahead of Friday’s opening bell.
Here’s what Wall Street expects:
- Earnings: 77 cents a share, down 6.4% year over year, according to Refinitiv
- Revenue: $24.3 billion, up 9.8% year over year, according to Refinitiv
- Net Interest Income: $14.9 billion according to StreetAccount
- Provision for loan losses: $1.06 billion, according to StreetAccount
- Investing Banking: $1.08 billion according to StreetAccount
Expectations are high that Bank of America will post gains in interest income in the fourth quarter on the back of higher interest rates and credit growth.
Bank of America, led by CEO Brian Moynihan, was to be one of the main beneficiaries of the Federal Reserve’s rate hike campaign. But bank stocks suffered last year on fears that a recession is looming.
Investors will be curious to see how well the bank’s private and business customers fare.
In the first days of the new year, Bank of America stock is up 4%.
This is breaking news. Please check again for updates.
https://www.cnbc.com/2023/01/13/bank-of-america-bac-q4-earnings-2022.html Bank of America (BAC) Q4 2022 results