Bank of America reported third-quarter 2024 net income of $6.9 billion, or $0.81 per share, down from $7.8 billion, or $0.90 per share, a year earlier, on total revenues of $25.3 billion — up 1 per cent year on year. The figures were disclosed in the bank's quarterly earnings release.
Net interest income of $14.0 billion ($14.1 billion on a fully taxable-equivalent basis) rose 2 per cent from the prior quarter.
INVESTMENT BANKING
Investment banking fees rose 18 per cent year on year.
CREDIT AND CAPITAL
The provision for credit losses was $1.5 billion for the quarter, essentially matching net charge-offs of $1.5 billion, with a net reserve build of only $8 million. The bank characterised asset quality as broadly stable across its loan book. The Common Equity Tier 1 ratio stood at 11.8 per cent.
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