Bank of America slips on Q4 revenue miss
Bank of America (BAC) reported fourth-quarter revenue figures that trailed analyst estimates, causing shares to fall more than 4% in the premarket.
Earnings per share of 70 cents came in better than the analyst estimate of $0.60. However, the banking giant reported revenue for the quarter of $23.5 billion, missing the consensus estimate of $23.91 billion.
Trading revenue, excluding DVA, was $3.75 billion, just below the consensus estimate of $3.84 billion.
The net interest income (NII) FTE reached $14.09 billion, in line with the consensus. The net interest yield was 1.97%, which was lower than the estimated 2.04%.
Compensation expenses amounted to $9.46 billion, exceeding the estimate of $9.17 billion.
“We reported solid fourth quarter and full-year results as all our businesses achieved strong organic growth, with record client activity and digital engagement. This activity led to good loan demand and growth in deposits in the quarter and full-year net income of $26.5 billion,” said Chair and CEO Brian Moynihan.
“Our expense discipline allowed us to continue investing in growth initiatives. Strong capital and liquidity levels position us well to continue to deliver responsible growth in 2024.”
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