Bank of America (NYSE: BAC) reported its fourth quarter 2023 earnings results today.
Revenue, net of interest expense, was $22 billion, down 10% year-over-year. Adjusted revenue decreased 4%.
Net income was $3.1 billion, or $0.35 per share, compared to $7.1 billion, or $0.85 per share last year. Adjusted net income was $5.9 billion, or $0.70 per share.
Earnings beat expectations while revenue fell short.
Net interest income decreased 5% to $13.9 billion. Non-interest income was $8 billion.
The company returned $2.7 billion to shareholders through common stock dividends and share repurchases.