Bank of America Corp. (BAC) reported Friday that net income applicable to common shareholders for the fourth quarter plunged to $2.84 billion or $0.35 per share from $6.90 billion or $0.85 per share in the prior-year quarter. Excluding items, adjusted net income for the quarter was $0.70 per share.
On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the quarter. Analysts' estimates typically exclude special items.
The provision for credit losses was $1.10 billion, compared to $1.09 billion last year.
Total revenue, net of interest expense, decreased 10 percent to $21.96 billion from $24.53 billion in the prior-year quarter. Wall Street expected revenues of $23.74 billion for the quarter.
Net interest income was $13.95 billion, down 5 percent from last year, as higher deposit costs and lower deposit balances more than offset higher asset yields.
Non-interest income declined to $8.01 billion from $9.85 billion last year, as higher asset management and investment banking fees were more than offset by lower market making and similar activities.
Noninterest expense increased 14 percent to $17.73 billion from last year.
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