In the fourth quarter, the bank recorded net income of US$2.4bn, down from the US$4.5bn posted a year ago.
Per-share earnings came in at 20 US cents in the quarter, sharply down from the 39 US cents recorded a year ago, and missing the market consensus of 45 US cents.
The per-share earnings included a 27 US cents charge from the tax package that was approved late last year.
Excluding the tax charge, Bank of America would have clocked in US$5.3bn or 47 US cents per share.
In the quarter, total revenue stood at US$20.44bn, slightly up from the US$19.99bn posted a year ago. It however missed market expectations for US$21.49bn.
Solid results, says CEO
Net interest income in the fourth quarter rose 11% to US$11.5bn, just about hitting market expectations for US$11.55bn.
In a statement, the bank said its consumer banking revenue came in at US$8.95bn, up from US$8.11bn a year ago.
"Responsible growth delivered solid results in 2017," said Brian Moynihan, the bank's CEO said in the results statement.
In premarket trade, its shares were up 0.22% at US$31.31.