However, as the economy has picked up steam, interest rates have also been on the march higher -- a clear positive for BAC -- as it can generate healthier spreads. In its Q4 press release, BAC stated that net interest income increased by $1.2 billion, or, 11%, due to higher interest rates and loan growth. This followed a $1.0 billion increase in net interest income last quarter, so, this key metric is moving in the right direction, which helps explain why the stock has climbed higher by over 30% since early September.
Breaking its results down by segment, revenue was up 10% in Consumer Banking to $9.0 billion, driven by a 9% jump in loans. Additionally, credit/debit spending improved by 7% to $143 billion. In its Global Banking business, revenue was also up 10% to $5.0 billion with a 4% bump in loans to a record $350 million. Investment banking fees were up a solid 16% to $1.4 billion. And, in its Global Wealth & Investment Management segment, revenue was up 7% to $4.7 billion as total client balances grew by $243 billion to a record of nearly $2.8 trillion.
Overall, BAC's results demonstrated meaningful momentum underlying all of its core segments. In its press release, BAC's CFO commented that client activity was strong across the board, and, its CEO commented that it gained market share across our businesses while responsibly managing risk.
On the topic of risk, net charge-offs rose to $1.2 billion from $880 million. However, this was mainly due to a single, non-U.S. commercial charge off totally $292 million. Excluding this one-time charge-off, its net charge off ratio, which came in at 0.53% in Q4, would have been consistent with the prior quarter.
All in all, BAC delivered a solid quarter with signs of momentum picking up due to rising interest rates. In addition to that, BAC continues to reward investors through dividends and share buybacks, making it a shareholder friendly stock as well.