Posted 1/12/2024, 11:51:33 AM
Bank of America Q4 Profits Plunge Due to One-Time Charges; Trading Revenue Offsets Drop in Interest Income
- Bank of America's Q4 profit fell to $3.1B, down from $7.1B a year ago, impacted by $3.7B in one-time charges
- Net interest income declined 5% to $13.9B due to lower interest rates
- Trading revenue rose 1% to $3.8B, driven by a 12% increase in equities trading
- Investment banking fees grew 7% to $1.1B amid higher dealmaking activity
- Shares of Bank of America fell 1.8% on Friday after the bank reported earnings