Bank of America Reports $7.1 Billion Net Income in Q4 2022

Bank of America, one of the world's leading financial institutions, has posted its financial results for the fourth quarter of 2022, indicating a slight increase in net income on a yearly basis.

More specifically, the bank reported a net income of $7.1 billion, compared to Q4 2021's $7.0 billion. Diluted earnings per share came in at $0.85, compared to $0.82 in the last year. Net interest income increased by 29% YoY to $14.7 billion, and average loan and lease balances up 10% YoY to $1.0 trillion.

The bank highlighted that total revenue, net of interest expense stood at $24.5 billion, up by 11% compared with the same period of 2021. Moreover, provision for credit losses reached $1.1 billion.

In terms of the Consumer Banking department, the net income was $3.6 billion. Client balances relatively flat at $1.6 trillion.

As for Global Wealth and Investment Management division, the net income hit $1.2 billion. And client balances recorded $3.4 trillion, decreased by 12% compared to Q4 2021.

​Regarding Global Banking branch, the net income was $2.5 billion. Additionally, Global Markets department registered a net income of $504 million.