Global Markets of Bank of America Sees Revenue Surge for Q4 2023

Bank of America released its financial report for the fourth quarter of 2023 (Q4 2023 or 4Q23), reporting a significant yearly increase in the revenue of the bank's Global Markets.

Financial Overview:

• Total revenue (net of interest expense) for Q4 2023 amounted to $22.0 billion, down 10% compared to $24.5 billion in Q4 2022. The adjusted revenue totaled $23.5 billion, down 4% on a YoY basis.

• Noninterest expense was $17.7 billion (adjusted figure: 15.6 billion) during the three months, up 14% (adjusted comparison: up 1%) compared to $15.5 billion in the fourth quarter of 2023.

• Net interest income (NII) was $13.9 billion in 4Q23, decreased 5% compared to $14.8 billion in 4Q22

• Net income for the quarter came in at $3.1 billion (adjuted figure: 5.9 billion), down 56% (adjusted comparison: down 17%) compared to 7.1 billion in the year-ago quarter.

• Diluted earnings per share (EPS) dropped by 59% from $0.85 to $0.35 YoY. The adjusted diluted EPS for the quarter was $0.70, down 18% YoY.

• The Bank’s Global Markets reported a net income of $636 million, a significant growth compared to $86 million in Q4 of 2022.

• The total revenue (net of interest expense) of its Global Markets amounted to $4.1 billion during the quarter, surging significantly compared to $277 million in the prior Q4. The sales and trading revenue of the Markets rose by 3% from $3.5 billion to $3.6 billion on a yearly basis.

Additionally, the Bank of America also unveiled its trading data for the full year 2023, reporting the total revenue (net of interest expense) of $98.6 billion (adjusted figure: $100.2 billion), increasing 4% (adjusted comparison: up 5%) compared to $95 billion in the prior year. The net income for the year amounted to $26.5 billion, down 4% compared $27.5 billion in the prior year, while the adjusted net income was $29.3 billion in 2023, up 6% YoY.

For the year of 2023, the bank's Global Markets reported a revenue of $19.5 billion and a record sales and trading revenue of $17.4 billion.