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Bank of America profit beats estimates on loan growth, M&A boost - Reuters

Bank of America profit beats estimates on loan growth, M&A boost - Reuters

Bank of America profit beats estimates on loan growth, M&A boost - Reuters
Jan 19, 2022 1 min, 1 sec

Flush with cash and emboldened by soaring stock market valuations, large buyout funds, corporates and financiers struck billions of dollars worth of deals in the fourth quarter, generating record advisory fees of $850 million for BofA, up 55% from a year earlier.

Loans grew during the quarter across every category except home equity, with average loans and leases, excluding those from the government's Paycheck Protection Program, up 3.4% from the prior quarter and 3.2% from a year ago, the bank said.

2021 started with "green shoots" and culminated "with $50 billion in record loan growth this quarter," Bank of America's Chief Executive Brian Moynihan said on a call with analysts.

The bank reported revenue, net of interest expense, of $22.1 billion, up 10% from a year earlier.

Chief Financial Officer Alastair Borthwick expects NII to rise by a "couple hundred million" in the first quarter this year, compared with the fourth quarter last year, "and grow nicely each subsequent quarter in 2022.".

Rebutting some analyst skepticism, Moynihan said he was confident the bank would be able to continue to invest in technology and compensation packages attractive enough to recruit talent in a tight job market and keep a lid on expenses

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