: Bank of America revenue jumps 11% on higher net interest income


Bank of America Corp BAC, +2.20% stock rose 0.3% in premarket trades Friday after the financial firm beat its earnings and revenue targets as it benefitted from higher interest rates on its loans. Bank of America said it earned $7.1 billion, or 85 cents a share in the fourth quarter, compared to $7 billion, or 82 cents a share, in the year-ago quarter. Revenue, net of interest expense, increased by 11% to $24.5 billion. Wall Street analysts expected earnings of 77 cents a share on revenue of $24.17 billion, according to data compiled by FactSet. Net interest income rose 29%, or $3.3 billion, to $14.7 billion, “driven by benefits from higher interest rates, including lower premium amortization expense, and solid loan growth,” the bank said.

This article was originally published by Marketwatch.com. Read the original article here.

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