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Bank of America profit rises on investment banking boost

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Bank of America reported higher profit on Thursday as its investment bankers capitalized on resurgence in dealmaking in the fourth quarter.
Bank of America reported a rise in fourth-quarter profit on January 16, 2025, driven by a significant boost in its investment banking sector. The bank's earnings were supported by a 15% increase in investment banking fees, which amounted to $1.18 billion, fueled by a resurgence in deal-making activities. Despite setting aside $1.1 billion for potential loan losses, mainly due to concerns over commercial real estate and credit card loans, the bank's net interest income also saw a slight increase to $14.66 billion. However, this was offset by higher deposit costs. Overall, Bank of America's profit for the quarter was $7.1 billion, or 83 cents per share, up from $6.9 billion, or 78 cents per share, in the same quarter of the previous year.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/bank-america-profit-rises-investment-banking-boost-2025-01-16/ ]