Bank of America announced its fourth-quarter earnings results for the year 2024 on Thursday, surpassing Wall Street analysts' estimates, recording a net profit of $27.1 billion for the entire year.
In the fourth quarter, Bank of America reported a net profit of $6.7 billion, an increase of 112% year-on-year, up from $3.1 billion in the fourth quarter of 2023, with diluted earnings per share reaching $0.82, a 134% increase in the fourth quarter.
This followed a 15% rise in Bank of America's revenues in the fourth quarter year-on-year, reaching $25.3 billion in the fourth quarter, thus exceeding Wall Street analysts' estimates.
The substantial profits achieved by Bank of America were a result of a 45% increase in investment banking fees due to a recovery in transactions, as well as a significant rise in deposits and loans at the bank during the fourth quarter.
On another note, Bank of America's trading revenues rose by 13.5%, reaching $4.1 billion, driven by market volatility related to the U.S. presidential elections, with a capital return of $21 billion for shareholders throughout the entire year of 2024.
In trading, shares of Bank of America (NYSE:BAC) rose by 2.88% in pre-market trading, with the share price hitting $48.23 following the earnings announcement.
