Bank of America profit falls on $3.7B in charges

Bank of America's fourth-quarter profit shrank as the lender took $3.7 billion in combined charges to refill a government deposit insurance fund and phase out a loan index. Its net interest income (NII) - the difference between what banks earn from loans and pay to depositors – fell 5% to $13.9 billion as the company spent more to keep customer deposits and demand for loans stayed subdued amid high interest rates.After a windfall year in 2023, BofA expects NII to dip to a trough in the first half of this ye ...