Bank of America reports net income down 56% year-on-year to $3.1 billion for the final quarter of 2023, or 35 cents per share, but adjusted EPS of 70 cents.

Net interest income fell by 10% to $22 billion (-4% excluding the cessation impact of the Bloomberg Short Term Bank Yield Index), including a 5% reduction in net interest income due in particular to higher deposit costs.

The banking group's non-interest expenses rose by 14% to $17.7 billion, but excluding the FDIC (Federal Deposit Insurance Corporation) special assessment, they increased by only 1%.

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