AI English summary of an SEC filing — figures as filed
Bank of America BACThe company said net income decreased to $26.5 billion ($3.08 per diluted share) in 2023 from $27.5 billion ($3.19) in 2022. It cited higher noninterest expense and provision for credit losses as the main factors, which were partially offset by higher net interest income.
Key points
AI summaryThe company said net income decreased to $26.5 billion ($3.08 per diluted share) in 2023 from $27.5 billion ($3.19) in 2022. It cited higher noninterest expense and provision for credit losses as the main factors, which were partially offset by higher net interest income.
The company said net interest income for 2023 rose $4.5 billion to $56.9 billion, and that the net interest yield on a fully taxable-equivalent (FTE) basis increased 12 basis points to 2.08%. The company cited higher interest rates and loan growth as the drivers of the increase, partially offset by higher funding costs and lower deposits.
The company said it recognized a net non-cash, pretax charge of about $1.6 billion in market making and similar activities in Q4 2023 related to the future cessation of BSBY, and recorded noninterest expense of $2.1 billion for its estimated FDIC special assessment.
The company said provision for credit losses rose $1.9 billion to $4.4 billion in 2023, driven mainly by the consumer portfolio, reflecting credit card loan growth and asset quality. Income tax expense was $1.8 billion, and the effective tax rate was 6.4% (2022: 11.1%).
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $98.6B
- Net income
- $26.5B
- EPS
- $3.08
- Operating cash flow
- $45.0B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
2023 net income $26.5 billion, $3.08 per diluted share
The company said net income decreased to $26.5 billion ($3.08 per diluted share) in 2023 from $27.5 billion ($3.19) in 2022. It cited higher noninterest expense and provision for credit losses as the main factors, which were partially offset by higher net interest income.
Source · Based on the MD&A text of the filing
Net interest income $56.9 billion in 2023
The company said net interest income for 2023 rose $4.5 billion to $56.9 billion, and that the net interest yield on a fully taxable-equivalent (FTE) basis increased 12 basis points to 2.08%. The company cited higher interest rates and loan growth as the drivers of the increase, partially offset by higher funding costs and lower deposits.
Source · Based on the MD&A text of the filing
BSBY cessation charge $1.6 billion, FDIC assessment $2.1 billion
The company said it recognized a net non-cash, pretax charge of about $1.6 billion in market making and similar activities in Q4 2023 related to the future cessation of BSBY, and recorded noninterest expense of $2.1 billion for its estimated FDIC special assessment.
Source · Based on the MD&A text of the filing
Provision for credit losses $4.4 billion, effective tax rate 6.4%
The company said provision for credit losses rose $1.9 billion to $4.4 billion in 2023, driven mainly by the consumer portfolio, reflecting credit card loan growth and asset quality. Income tax expense was $1.8 billion, and the effective tax rate was 6.4% (2022: 11.1%).
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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