Bank of America revenue jumps 11% on higher net interest income

Bank of America Corp
BAC,
+2.20%
stock rose 0.3% in premarket trades Friday after the financial firm beat its earnings and revenue targets as it benefitted from higher interest rates on its loans. Bank of America said it earned $7.1 billion, or 85 cents a share in the fourth quarter, compared to $7 billion, or 82 cents a share, in the year-ago quarter. Revenue, net of interest expense, increased by 11% to $24.5 billion. Wall Street analysts expected earnings of 77 cents a share on revenue of $24.17 billion, according to data compiled by FactSet. Net interest income rose 29%, or $3.3 billion, to $14.7 billion, “driven by benefits from higher interest rates, including lower premium amortization expense, and solid loan growth,” the bank said.