Bank of America profits rise; bank warns of slowing economy

NEW YORK (AP) — Bank of America says its fourth-quarter profits rose slightly from a year ago, as higher credit costs and potentially bad loans more than offset a sharp rise in interest revenue. The Charlotte, North Carolina-based bank said Friday that it earned a profit of $7.13 billion, or 85 cents a share, better than analysts’ forecast of a profit of roughly 77 cents per share. 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. BofA’s interest revenue was roughly $3 billion higher than it was in 2021.