(Reuters) – Bank of America Corp reported a better-than-expected fourth-quarter profit on Friday as rate hikes helped it charge more interest on loans to customers.
The bank earned 85 cents per share in the quarter. Analysts, on average, had estimated a profit of 77 cents per share, according to Refinitiv IBES data.
Profit applicable to common shareholders rose 2% to $6.9 billion in the fourth quarter, from $6.77 billion a year earlier, the bank said in a statement.
(Reporting by Manya Saini in Bengaluru and Lananh Nguyen in New York; Editing by Savio Dsouza)