5 Key Earnings Reports from The Financial Sector

2. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 72

Shares of Bank of America Corporation (NYSE:BAC) jumped more than four percent in the pre-market trading session on Wednesday, January 19, 2022, after delivering impressive financial results for the fourth quarter.

Bank of America Corporation (NYSE:BAC) reported earnings of 82 cents per share, up from 59 cents per share in the comparable period of 2020. Revenue for the quarter jumped 9.8 percent on a year-over-year basis to $22.16 billion. Analysts were looking for earnings of 77 cents per share on revenue of $22.18 billion.

Net interest income for the quarter jumped 11 percent versus last year to $1.2 billion, while noninterest income rose 8 percent to $10.7 billion. In addition, the average deposits also climbed 16 percent to $2.0 trillion in the quarter.

If we look at the sales performance of Bank of America Corporation (NYSE:BAC)’s key business segments, Consumer Baking revenue for the quarter rose eight percent versus last year to $8.9 billion, mainly driven by higher net interest and card income.

In comparison, Global Wealth and Investment Management generated recorded revenue of $5.4 billion, translating to a year-over-year surge of 16 percent. In addition, Global Banking revenue climbed 24 percent to $5.9 billion, while Global Markets revenue slipped two percent to $3.8 billion in the quarter.

Speaking on the results, CEO of Bank of America Corporation (NYSE:BAC), Brian Moynihan, said in a statement:

“Our fourth-quarter results were driven by strong organic growth, record levels of digital engagement, and an improving economy. We grew loans by $51 billion and added $100 billion of deposits during the quarter, further strengthening our position as the leader in retail deposits.”