Bank of America on Thursday announced profits more than doubled in the fourth quarter, surging to $6.7 billion from $3.1 billion in the same period last year - another in a wave of favorable reports from the nation's biggest banks.
The 111% increase in earnings buoyed its full-year profits to $27.1 billion.
"We finished 2024 with a strong fourth quarter. Every source of revenue increased, and we saw better than industry growth in deposits and loans," CEO Brian Moynihan said.
"We believe this broad momentum sets up 2025 very well for Bank of America," he added.
BofA's earnings report comes as Morgan Stanley said its fourth quarter profit was $3.7 billion - up 145% from its final quarter in 2023 - and pushing year-end net revenue to $61.8 billion.
"We are executing against four pillars – strategy, culture, financial strength and growth – that support our integrated firm, creating long-term value for our shareholders," CEO Ted Pick said, indicating growth from investment banking and wealth management.
JPMorgan Chase announced fourth-quarter earnings of $14 billion for a full-year net income of $58.5 billion.
Goldman Sachs reported a $13.9 billion profit in the fourth quarter.
Reuters reported that equity markets soared in the fourth quarter after President-elect Donald Trump's victory in November as investors forecast a more business-friendly environment.
