NEW YORK, Jan 13 — Bank of America Corp reported a better-than-expected fourth-quarter profit on Friday as rate hikes helped it charge more interest on loans to customers.
The bank earned 85 cents per share in the quarter. Analysts, on average, had estimated a profit of 77 cents per share, according to Refinitiv IBES data.
Profit applicable to common shareholders rose 2 per cent to US$6.9 billion (RM29.9 billion) in the fourth quarter, from US$6.77 billion a year earlier, the bank said in a statement. — Reuters