Bank of America Corporation reported earnings results for the fourth quarter and full year of 2017. For the year, the company reported $18 billion in after-tax net income. Excluding the Tax Act impact of $2.9 billion, the company would've reported net income of $21 billion, which is up 18% over a solid 2016. Full year revenue was up 5%, excluding the Tax Act impact, while expenses declined 1%. Net income was $5.3 billion with EPS of $0.47 per share, growing 20% year-over-year. Return on tangible common equity was 11%. Return on assets was 90 basis points. Revenue was $21 billion, improving 7%. An 11% improvement in net interest income drove revenue growth. NII on a full year basis grew $3.6 billion or 9% to $44.7 billion.

The company reported net income of $2.4 billion or $0.20 per diluted share in fourth quarter. Late in the quarter, the company informed that the company expected an impact of approximately $3 billion dollars from the Tax Act. The company estimated impact the company just saw is $2.9 billion, lowering EPS by $0.27. Tangible book value per share of $16.96 was modestly above fourth quarter of 2016 as earnings over the year, including the Tax Act impact, offset share repurchases and dividends as well as the conversion of Berkshire preferred stock to common shares. Net interest income on a GAAP non-FTE basis was $11.5 billion, $11.7 billion on an FTE basis. Compared to fourth quarter of 2016, GAAP NII is up $1.2 billion or more than 11%, driven by the spread improvement between asset yields and funding cost.

The company expects GAAP tax rate for 2018 to be around 29% before unusual items.