American banks enjoy soaring profits in Q4

​​​​​​​By Dilara Zengin Okay

WASHINGTON (AA) - Morgan Stanley and Bank of America, two of the largest banks in the US, enjoyed soaring profits in the fourth quarter of 2024.

Morgan Stanley’s net profit hiked 142% on an annual basis, rising from $1.5 billion in the fourth quarter of 2023 to $3.7 billion last year.

The bank’s earnings per share rose from $0.85 to $2.22 during the same period.

Morgan Stanley’s revenue climbed 26% in the fourth quarter versus the same quarter in 2023, rising to $16.2 billion, above expectations.

Bank of America’s net profit, meanwhile, doubled over the same period, from $3.1 billion to $6.7 billion, exceeding market estimates.

Its earning per share rose from $0.35 to $0.82, while revenue at the bank climbed 15% to from $22 billion to $25.3 billion.

*Writing by Emir Yildirim in Istanbul