Bank of America profits rise 28%, wage expenses up too
By KEN SWEET
AP Business Writer
NEW YORK (AP) — Bank of America says its profits rose 28% last quarter from a year earlier, but the bank faced the same wage inflation as its Wall Street counterparts. The bank said Wednesday that it earned a profit of $7.01 billion, or 82 cents per share in the fourth quarter of 2021. That’s up from a profit of $5.47 billion, or 59 cents a share, in the same period a year earlier. Analysts surveyed by FactSet were expecting the bank to post a profit of 77 cents a share. Profits rose in BofA’s large consumer division as customers spent more on their credit and debit cards.
