Bank of America shares fell after the bank's revenue fell from a year earlier.
BofA reported a fourth-quarter profit of $3.1 billion, down from $7.1 billion a year ago. Earnings of 35 cents per share fell from 85 cents a year earlier and missed analysts' forecasts of 53 cents.
Adjusted for one-time costs, Bank of America earned 70 cents per share, meeting forecasts.
Revenue of $21.96 billion fell short of expectations of $23.7 billion, while net interest income was $13.95, in line with analyst forecasts. The year before, BofA reported revenue of $24.53 billion and net interest income of $14.68 billion.
“We reported solid fourth-quarter and full-year results as all of our businesses delivered strong organic growth with record customer activity and digital engagement,” CEO Brian Moynihan said in a statement. “This activity resulted in good loan demand and deposit growth in the quarter, as well as full-year net income of $26.5 billion.” Our cost discipline enabled us to continue to invest in growth initiatives. Thanks to our strong capital and liquidity position, we are well positioned to continue to deliver responsible growth in 2024.”
BofA shares fell 2.5% to $32.24 in Friday trading.