BofA CEO Moynihan says he's not banking on higher interest rates

A raise in interest rates would certainly help Bank of America's bottom line, but the company's CEO, Brian Moynihan, told Jim Cramer he's not going to wait on it to happen.

"A rise in rates makes us seem a lot smarter to the world because we make more money," he said to the "Mad Money" host. "It's $4 billion-plus on a core-basis a year if rates go up 100 basis points, but we are not waiting for that."

Referring to the company's last reported quarter, Moynihan confirmed the company is focused on growth through volume. Bank of America's expenses keep going down and revenues have stabilized, he said. Deposits are up $60 billion year-over-year, and he said there are also more loans.

"We can keep doing that. It would be easier if rates were a little bit higher, but that didn't happen and we are not waiting for it," Moynihan said.

Bank of America CEO Brian Moynihan
Abigail Stevenson | CNBC
"It would be easier if rates were a little bit higher, but that didn't happen and we are not waiting for it." -Brian Moynihan, Chairman, President & CEO of Bank of America

In September, the Federal Reserve elected to keep rates unchanged, but hinted strongly that unless there were dramatic changes, it would hike in December. An increase in rates would mean that banks could collect more money on client deposits.

Bank of America's stock is up almost 3 percent over the last month, as many bank stocks have been rallying under the radar. The company has about 4,700 retail centers and approximately 33 million active user accounts.

Goldman Sachs analysts provided endorsement for Bank of America in an industry note on Sep. 16, raising their price target to $19 from $17. However, three days earlier Societe Generale downgraded the stock over concerns that Bank of America is one of the banks most sensitive to interest rates.

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