Bank of America (NYSE:BAC) disclosed its fourth-quarter revenue, which fell short of analyst expectations, resulting in a more than 2% drop in its shares intra-day today.
The bank reported earnings per share of $0.70, surpassing the analyst prediction of $0.60. However, its revenue for the quarter was $23.5 billion, which did not meet the consensus estimate of $23.91 billion. The trading revenue, excluding DVA (Debt Valuation Adjustment), was $3.75 billion, slightly below the anticipated $3.84 billion.
Bank of America’s net interest income (NII) on a fully taxable equivalent (FTE) basis reached $14.09 billion, aligning with the consensus estimate. However, the net interest yield stood at 1.97%, which was lower than the estimated 2.04%. The bank also reported compensation expenses of $9.46 billion, exceeding the forecast of $9.17 billion.