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Bank of America Corporation (NYSE:BAC) Q4 2023 Earnings Call Transcript January 12, 2024 11:00 AM ET Company Participants Lee McEntire - IR Brian Moynihan - CEO Alastair Borthwick - CFO Conference Call Participants Jim Mitchell - Seaport Global Erika Najarian - UBS John McDonald - Autonomous Research Mike Mayo - Wells Fargo Matt O'Connor - Deutsche Bank Glenn Schorr - Evercore Ken Usdin - Jefferies Ryan Kenny - Morgan Stanley Gerard Cassidy - RBC Operator Good day, everyone, and welcome to Bank of America's ...

A slew of bank earnings from the largest financial institutions in the world were released this morning, providing insight into their Q4 and 2023 performance.Although the financial sector underperformed the broad market during 2023, returning just 12% vs the S&P’s 24%, XLF managed to outperform in the fourth quarter. As markets began pricing in the coming interest rate cuts, banks, which hold large fixed income portfolios benefitted significantly.Image Source: TradingViewEarnings ResultsJP Morgan Chase & Co ...

Bank of America’s digital evolution continues.The company posted December quarter results that showed digital volumes are on the upswing, as active digital users topped more than 46 million, up 4.5% from a year ago.Digital “sales” as a percent of total sales came in at 49%, per the company data.P2P volumes through Zelle gained 25%, to $101 billion.Erica active users and interactions were up a respective 12.1% to 18.5 million and 16% to 170 million.Delving into overarching spending and savings trends, BofA’s ...

Bank of America 4Q23 Financial Results 2023 Financial Results 2023 Inc / (Dec) 2023 2022 Inc / (Dec) ($B, except per share data) Adjusted1 Adjusted1 Total Revenue, net of interest expense $98.6 $100.2 $95.0 $3.6 4 % $5.2 5 % Provision for credit losses 4.4 4.4 2.5 1.9 73 1.9 73 Net charge-offs 3.8 3.8 2.2 1.6 75 1.6 75 Reserve build2 0.6 0.6 0.4 0.2 60 0.2 60 Noninterest expense 65.8 63.8 61.4 4.4 7 2.3 4 Pretax income 28.3 32.0 31.0 (2.6) (8) 1.0 3 Pretax, pre-provision income3 32.7 36.4 33.5 (0.8) (2) 2.9 ...

Bank of America’s (BAC) fourth-quarter 2023 adjusted earnings of 70 cents per share outpaced the Zacks Consensus Estimate by a penny. The bottom line compared unfavorably with 85 cents earned in the prior-year quarter.After considering the FDIC special assessment charge of $2.1 billion and the Bloomberg Short-Term Bank Yield Index (BSBY) cessation charge of $1.6 billion, earnings per share was 35 cents.Shares of the company slide 2.9% in the pre-market trading due to weak top-line performance.Despite modest ...

For all the hemming and hawing we have been doing in this column through the first half of this week, with little to no data to help reflect purpose behind moves in the stock market, we’re making up for that now. Following yesterday’s CPI report for December, this morning we get the Producer Price Index (PPI) for last month. Results at a glance appear to offer something of a re-balance toward interest rate levels having a profound effect on economic metrics.Headline PPI came in at -0.1%, a mirror image from ...

The bank name is among the first in the sector to report earningsThe bank earnings floodgates have opened, and Bank of America Corp (NYSE:BAC) is among the first to report results. While the company's fourth-quarter profit beat analysts' estimates, revenue missed expectations and fell 10% compared to the same quarter last year. BAC is down 2.1% at $32.44.The 40-day moving average looks ready to contain this pullback, which has BAC on track for a fifth-straight daily loss. Shares taking a breather after hitt ...

Bank of America (BAC) came out with quarterly earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.69 per share. This compares to earnings of $0.85 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.45%. A quarter ago, it was expected that this nation's second-largest bank would post earnings of $0.81 per share when it actually produced earnings of $0.90, delivering a surprise of 11.11%.Over the last four qua ...

About this content About Stephen Gunnion Stephen Gunnion is a senior financial journalist and broadcaster at Proactive Investors. He has more than 25 years of experience in television, radio and print media, anchoring on a number of television channels including South Africa's Business Day TV, CNBC Africa and the South African Broadcasting Corporation, where he was the economics editor. He has also worked for Daily Maverick, Bloomberg, the Business Day newspaper and Investors' Chronicle. Read more About ...