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The increase in provisions takes its toll on Bank of America and earns 14% less

Date: June 5, 2023 Time: 02:34:03

Bank of America covers its back against possible defaults in the future with provisions that exceed 1,000 million dollars. The entity thus cuts its profits, up to 27,528 million dollars in 2022 (about 25,400 million euros), which is 14% less compared to 2021, when it released its mattress due to the better evolution of the economy.

The 2022 financial year has been an atypical year, marked by high inflation and the rise in interest rates, which have led it to shoot its interest margin above 52,400 million dollars (+22.2%), of in such a way that the total income of the group has been placed at 94,950 million dollars, 6.55% more.

Only in the quarter of 2022, net profit has grown by 1.7% in the interannual rate, up to 7,132 million dollars, thanks to the fact that the total income of the group increased by 11.2%, up to 24,532 million dollars, higher than analyst estimates. Between October and December, Bank of America has registered an attributed net profit of 6,904 million dollars (6,395 million euros), 1.9% more than in the same interval of 2021.

On its side, the entity’s turnover has added up to 24,532 million dollars (22,725 million euros), 11.2% more, with an increase of 28.7% in net interest income, up to 14,681 million dollars (13,600 million euros). “We finished the year on a strong note, increasing year-over-year earnings in the fourth quarter in an increasingly slowing economic environment,” said Bank of America CEO Brian Moynihan.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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