Bank of America said net income in 2024 was $27.1 billion, or $3.21 per diluted share, compared to $26.5 billion, or $3.08 per diluted share in 2023. The company cited higher noninterest income as a driver of the increase in net income, with higher provision for credit losses, higher noninterest expense and lower net interest income partially offsetting the gain.

1. 01

   Bank of America said net income in 2024 was $27.1 billion, or $3.21 per diluted share, compared to $26.5 billion, or $3.08 per diluted share in 2023. The company cited higher noninterest income as a driver of the increase in net income, with higher provision for credit losses, higher noninterest expense and lower net interest income partially offsetting the gain.

2. 02

   Bank of America said net interest income in 2024 decreased $871 million to $56.1 billion compared to 2023, and net interest yield on a fully taxable-equivalent basis declined 13 basis points to 1.95%. The company cited higher deposit costs as the primary driver of the decrease, with higher asset yields and higher net interest income related to Global Markets activity partially offsetting the decline.

3. 03

   Bank of America said noninterest income in 2024 increased $4.2 billion to $45.8 billion compared to 2023. The company said investment and brokerage services increased $2.2 billion and investment banking fees increased $1.5 billion, while other income decreased $340 million.

4. 04

   Bank of America said provision for credit losses in 2024 increased $1.4 billion to $5.8 billion compared to 2023. The company cited credit card and small business loan growth and asset quality deterioration in the commercial real estate office and credit card portfolios as factors for 2024.

Key figures

Fiscal year ended December 31, 2024

Revenue

$101.9B

Net income

$27.1B

EPS

$3.21

Operating cash flow

−$8.8B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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