Bank of America delivered solid financial results for fiscal year 2024, with net income rising 2.3% YoY to $27.1 billion and revenue growing 3.4% to $101.9 billion. The bank's diluted EPS increased 4.2% to $3.21, while total assets expanded 2.6% to $3.26 trillion. However, net interest income declined 1.5% to $56.1 billion despite higher interest income.The bank maintained strong capital positions with CET1 ratio improving to 11.9%, though credit quality showed some deterioration as net charge-offs increased to $6.0 billion from $3.8 billion in 2023. Total deposits grew 2.2% to $1.97 trillion, while loans and leases rose 4.0% to $1.10 trillion, reflecting continued business momentum.Management increased provision for credit losses to $5.8 billion and accrued $1.7 billion for FDIC special assessment related to bank failures. The bank continued investing in technology and digital capabilities while facing challenges from credit quality deterioration in commercial real estate and credit card portfolios, as well as market volatility and cybersecurity threats.

Bank of America delivered solid financial results for fiscal year 2024, with net income rising 2.3% YoY to $27.1 billion and revenue growing 3.4% to $101.9 billion. The bank's diluted EPS increased 4.2% to $3.21, while total assets expanded 2.6% to $3.26 trillion. However, net interest income declined 1.5% to $56.1 billion despite higher interest income.The bank maintained strong capital positions with CET1 ratio improving to 11.9%, though credit quality showed some deterioration as net charge-offs increased to $6.0 billion from $3.8 billion in 2023. Total deposits grew 2.2% to $1.97 trillion, while loans and leases rose 4.0% to $1.10 trillion, reflecting continued business momentum.Management increased provision for credit losses to $5.8 billion and accrued $1.7 billion for FDIC special assessment related to bank failures. The bank continued investing in technology and digital capabilities while facing challenges from credit quality deterioration in commercial real estate and credit card portfolios, as well as market volatility and cybersecurity threats.