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Bank of America Corporation (NYSE: BAC ) on Friday announced financial results for the fourth quarter of 2022, reporting higher revenue and net income.
Fourth quarter net income was $7.1 billion, or $0.85 per share, compared to $7.0 billion, or $0.82 per share in the corresponding period in 2021. Income, net of interest expense, increased 11% to $24.5 billion.
“We ended the year on a strong note increasing our annualized income in the 4th quarter in a slowing economic environment. The theme of the quarter has been consistent all year as organic growth and rates helped provide value to our deposit franchise,” said Bank of America CEO Brian Moynihan .
Previous Performance
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