Bank of America Corp (BAC  ) reported a fourth-quarter FY23 adjusted net income of $5.9 billion. Adjusted EPS for the quarter was $0.70, beating the consensus of $0.68.

Revenue, net of interest expense, decreased 10% Y/Y to $22.0 billion. Adjusted revenue declined 4% Y/Y to $23.5 billion, missing the consensus of $23.7 billion.

Segment Net income: Consumer Banking $2.77 billion (-22.6% Y/Y), Global Wealth and Investment Management $1.02 billion (-15.1% Y/Y), Global Banking $2.47 billion (-2.7% Y/Y), and Global Markets $636 million (+26.2% Y/Y).

Q4 Net interest income was $13.9 billion (-5% Y/Y), as higher deposit costs and lower deposit balances more than offset higher asset yields. Noninterest income was $8.01 billion (-18.7% Y/Y).

Provision for credit losses $1.10 billion, compared to $1.09 billion in Q4 FY22.

The efficiency ratio for the quarter was 81%, compared to 63% in Q4 FY22.

The bank reported a CET1 ratio of 11.8%, up 60 bps from a year ago. The book value per share of $33.34 improved by 9%.

The average loan and lease balance was $1.05 trillion (+1.0% Y/Y). Average deposits are down 1.1% Y/Y to $1.91 trillion.

Bank of America added 4.6 million credit card accounts in 2023.

From CFO Alastair Borthwick: "Robust client activity in 2023 demonstrates how we grow the franchise organically by winning new clients and deepening existing relationships."

Price Action: BAC shares are trading lower by 2.29% at $32.39 premarket on the last check Friday.