Investing.com -- Bank of America reported better-than-expected results for the fourth quarter of fiscal 2024, sending its shares rising roughly 2% in premarket trading Thursday.
The bank reported earnings per share (EPS) of 82 cents, topping the consensus estimate of 77 cents.
Revenue, net of interest expense, was reported at $25.3 billion, also above the $25.13 billion projected by analysts.
BofA’s net interest income (NII) came in at $14.36 billion, above the expected $14.12 billion, while net interest income on a fully taxable equivalent (FTE) basis reached $14.51 billion, beating the $14.34 billion estimate.
The bank's return on average equity for the quarter was 9.37%, ahead of the forecasted 8.75%.
Return on average assets stood at 0.8%, above the 0.74% estimate, and return on average tangible common equity was 12.6%, surpassing the 11.9% projection.
"We finished 2024 with a strong fourth quarter. Every source of revenue increased, and we saw better than industry growth in deposits and loans,” said BofA Chair and CEO Brian Moynihan.
“We also ended with strong capital and liquidity, enabling us to return $21 billion of capital to shareholders in 2024. We believe this broad momentum sets up 2025 very well for Bank of America.”