BofA's (BAC) Q4 Earnings Beat, Weakness in NII & IB Hurts

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 ...