BAC-N +2.20% reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. The ‘higher-for-longer’ rate environment to battle decades-high inflation has underpinned profits at consumer banks, with analysts expecting those gains to peak in 2023 and help offset sluggish deal making as well as bigger loan loss provisions. Bank of America’s net interest income (NII), which reflects how...