Investing.com – Bank of America reported better-than-expected results for the fourth quarter of fiscal 2024, sending its shares up about 2% in premarket trading on Thursday.
The bank reported earnings per share (EPS) of 82 cents, beating the consensus estimate of 77 cents.
Income, net of interest expense, came in at $25.3 billion, also beating analysts’ estimates of $25.13 billion.
BofA’s net interest income (NII) came in at $14.36 billion, beating expectations of $14.12 billion, and net interest income on a full taxable equivalent (FTE) basis came in at $14.51 billion, beating estimates of $14.34 billion.
The bank’s return on average equity for the quarter was 9.37%, higher than the forecast of 8.75%.
Return on average assets was 0.8%, above estimates of 0.74%, and return on average tangible common equity was 12.6%, beating the 11.9% forecast.
“We finished 2024 with a strong fourth quarter. All income streams grew, and we saw better than industry growth in deposits and loans,” said BofA Chairman and CEO Brian Moynihan.
“We also finished with strong capital and liquidity, enabling us to return $21 billion of capital to shareholders in 2024.” We believe this broad momentum positions Bank of America very well in 2025.