Like its major competitors, Bank of America saw a sharp rise in interest income, helped by the Federal Reserve aggressively raising interest rates last year to stop inflation.
FILE - A Bank of America ATM is seen, Wednesday, Feb. 3, 2021, in Winchester, Mass. Bank of America reports earnings on Friday, Jan. 13, 2023. – Bank of America's fourth-quarter profits rose slightly from a year ago, as higher credit costs and potentially bad loans more than offset the bank's sharp rise in interest revenue.
BofA's interest revenue was roughly $3 billion higher than it was in 2021. Banks put money aside to cover potentially bad loans as their economists try to figure out where the U.S. and global economies are headed and use computer models to simulate how much in potential losses they may take in those scenarios. Most banks have predicted that there might be a recession this year as a result of the Fed's rate hikes.
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