Bank of America today posted its financial report for the final quarter of 2023, with Global Markets net income at $636 million.
The Global Markets segment saw sales and trading revenue increase 3% to $3.6 billion, including net debit valuation adjustment (DVA) losses of $132 million. Fixed Income, Currencies and Commodities (FICC) revenue was down 4% to $2.1 billion, and Equities revenue was up 13% to $1.5 billion
Global Markets marked record full-year sales and trading revenue of $17.4 billion.
Across all segments, Bank of America registered net income of $3.1 billion, or $0.35 per diluted share, compared to $7.1 billion, or $0.85 per diluted share in Q4-22.
Adjusted net income for the final quarter of 2023 was $5.9 billion, whereas adjusted diluted earnings per share were $0.701.
Revenue, net of interest expense, was $22.0 billion, down $2.6 billion, or 10%; excluding BSBY cessation impact, adjusted revenue decreased 4%.
Chair and CEO Brian Moynihan commented:
“We reported solid fourth quarter and full-year results as all our businesses achieved strong organic growth, with record client activity and digital engagement. This activity led to good loan demand and growth in deposits in the quarter and full-year net income of $26.5 billion. Our expense discipline allowed us to continue investing in growth initiatives. Strong capital and liquidity levels position us well to continue to deliver responsible growth in 2024.”
