Bank of America and Wells Fargo Increased Their Quarterly Profits

US Earnings Season: Success of Bank of America and Wells Fargo

As the earnings season continues in the US, the country's leading banks Bank of America and Wells Fargo made headlines with profit increases in the last quarter.

Bank of America’s Quarterly Performance

Ranked first, Bank of America reported a net profit of $7.6 billion for the fourth quarter of 2023. This translates to $0.98 earnings per share. Expectations were set at $0.95 per share. In the same period last year, the bank achieved a net profit of $6.8 billion.

The bank's fourth-quarter sales and trading revenues reached $4.5 billion, marking a 10% increase compared to the previous year. This result is in line with CEO Brian Moynihan's forecasts.

Wells Fargo’s Strong Interest Income

The country’s fourth-largest bank, Wells Fargo, increased its profit in the last quarter thanks to rising interest income. It reported a net profit of $5.36 billion, which means $1.62 earnings per share. Last year, net profit was $5.08 billion and earnings per share were $1.43.

Wells Fargo’s total revenues amounted to $21.29 billion, exceeding estimates. Analysts had anticipated $21.64 billion. The bank's net interest income rose 4% compared to the same period last year, reaching $12.33 billion; Bloomberg estimates were $12.43 billion.

Other Bank Performances

Yesterday, JPMorgan Chase, which announced its earnings, reported a decline in profits for the fourth quarter of 2023. This situation is being watched closely by investors and market analysts.