Bank of America Corp

Latest Results (17.12.2024):

Net Income and Earnings Per Share

In the third quarter of 2024, Bank of America Corp reported a net income of $6.9 billion, translating to earnings per diluted share of $0.81. This marks a decrease from the $7.8 billion net income and $0.90 earnings per share reported in the same quarter of the previous year, 3Q23.

Revenue Growth

Bank of America Corp's revenue, net of interest expense, reached $25.3 billion in 3Q24, showing an increase of $178 million year-over-year. This growth was driven by higher asset management and investment banking fees, as well as increased sales and trading revenue, despite a decline in net interest income.

Consumer Banking Performance

In the Consumer Banking segment, Bank of America Corp reported a net income of $2.7 billion for 3Q24. The segment's revenue was $10.4 billion, a slight decrease of 1% from the previous year, primarily due to lower net interest income, which was partially offset by higher card income.

Global Wealth and Investment Management

The Global Wealth and Investment Management segment of Bank of America Corp saw an 8% increase in revenue, reaching $5.8 billion in 3Q24. This growth was attributed to a 14% rise in asset management fees, driven by higher market levels and asset under management flows of $21 billion during the quarter.

Capital and Dividends

Bank of America Corp maintained a strong capital position with a Common Equity Tier 1 (CET1) ratio of 11.8% in 3Q24. The company returned $5.6 billion to shareholders, which included $2.0 billion in common stock dividends and $3.5 billion in share repurchases, reflecting its commitment to returning capital to shareholders.