On October 15, 2024, Bank of America Corporation filed a Form 8-K report with the Securities and Exchange Commission, announcing its financial results for the third quarter ended September 30, 2024. The report revealed a net income of $6.9 billion, or $0.81 per diluted share, a slight decrease from the previous year's third quarter net income of $7.8 billion, or $0.90 per diluted share. The bank's revenue, net of interest expense, was reported at $25.3 billion, marking a marginal increase from the same period last year. The provision for credit losses remained flat compared to the second quarter of 2024 but increased from $1.2 billion in the third quarter of 2023 to $1.5 billion. Noninterest expense rose by 4% to $16.5 billion, driven primarily by revenue-related expenses and investments in the franchise...Show More

On October 15, 2024, Bank of America Corporation filed a Form 8-K report with the Securities and Exchange Commission, announcing its financial results for the third quarter ended September 30, 2024. The report revealed a net income of $6.9 billion, or $0.81 per diluted share, a slight decrease from the previous year's third quarter net income of $7.8 billion, or $0.90 per diluted share. The bank's revenue, net of interest expense, was reported at $25.3 billion, marking a marginal increase from the same period last year. The provision for credit losses remained flat compared to the second quarter of 2024 but increased from $1.2 billion in the third quarter of 2023 to $1.5 billion. Noninterest expense rose by 4% to $16.5 billion, driven primarily by revenue-related expenses and investments in the franchise. Bank of America's balance sheet remained strong with average deposit balances of $1.92 trillion and average loans and leases of $1.06 trillion. The bank's Common Equity Tier 1 (CET1) capital increased to $200 billion, with a CET1 ratio of 11.8%, which is above the new regulatory minimum. The bank returned $5.6 billion to shareholders through dividends and share repurchases. Additionally, the bank's book value per common share increased by 8% to $35.37, and the tangible book value per common share rose by 10% to $26.25. CEO Brian Moynihan attributed the solid earnings to higher average loans, sequential average deposit growth, and increased net interest income over the second quarter. The bank also saw growth in investment banking and asset management fees, as well as sales and trading revenue.