Bank of America Reports 56% Plunge in Q4 2023 Net Profit and 10% Drop in Revenues

2024-01-14 07:00:00

In the last quarter of 2023, the bank recorded a net profit of 3.14 billion dollars, or a profit of 35 cents per share, this is a 56% plunge compared to the corresponding quarter of the previous year – and a sharp drop twice the analysts’ forecasts that expected a 28% drop. On the top line, in the reporting period, the bank recorded revenues of $22 billion, a 10% decrease compared to the fourth quarter of 2022, a figure lower than analysts’ forecasts for revenues of $23.7 billion.

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The bank reported that the net income from interest amounted to 13.9 billion dollars in the last quarter of 2023, a decrease of 5% compared to the corresponding period. Bank of America’s revenues from trading in bonds, foreign exchange and commodities amounted to $2.21 billion in the fourth quarter, a decrease of 5.8%. On the other hand, the bank’s income from share trading was a pleasant surprise, amounting to $1.55 billion – a 12% jump compared to the fourth quarter of 2022. Analysts expected a more moderate increase of 5% in share trading income.