Summary by Moomoo AI
Bank of America Corporation reported its financial performance for the year, with a net income of $26.5 billion, or $3.08 per diluted share, compared to $27.5 billion, or $3.19 per diluted share in the previous year. The decrease in net income was primarily due to higher noninterest expense and provision for credit losses, partially offset by higher net interest income. Net interest income increased by $4.5 billion to $56.9 billion, driven by benefits from higher interest rates and loan growth, partially offset by higher funding costs and lower deposits. Noninterest income decreased by $838 million to $41.7 billion, with service charges and investment and brokerage services seeing declines, while market making and similar activities increased. The provision for credit losses rose by $1.9 billion to $4.4 billion, driven by consumer...Show More