Finance
BofA Reaps Benefits of Volatility as Lending Income Misses
- Traders beat estimates, NII rises but is less than expected
- Bank has no plans for massive job cuts, CFO Borthwick says
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Bank of America Corp. traders beat analysts’ estimates as they reaped the benefits of dramatic market swings, and lending income rose along with interest rates while falling short of expectations.
Net interest income, the revenue collected from loan payments minus what depositors are paid, rose 29% to $14.7 billion in the fourth quarter on higher rates and loan growth, though the increase was smaller than forecast. Trading revenue soared 27% from a year earlier, with the best results in fixed income, more than the 13% gain analysts had expected.