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Bank of America profit rises on investment banking boost

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/ ]