CHARLOTTE, NC – Bank of America reported its second quarter 2024 financial results today.

2Q24 Highlights

• Net income of $6.9B; diluted earnings per share of $0.83; ROE 10.0%, ROTCE 13.6%

• Revenue, net of interest expense, of $25.4B increased $0.2B, or 1%, reflecting higher asset management and investment banking fees, as well as sales and trading revenue, and lower net interest income (NII)

  – NII of $13.7B ($13.9B FTE) decreased $0.5B, or 3%, as higher deposit costs more than offset higher asset yields and modest loan growth

• Provision for credit losses of $1.5B vs. $1.1B in 2Q23 and $1.3B in 1Q24

  – Net charge-offs (NCOs) of $1.5B increased compared to 2Q23, driven by credit card and commercial real estate office, and were relatively flat compared to 1Q24

  – Net reserve release of $25MM vs. net reserve build of $256MM in 2Q23 and net reserve release of $179MM in 1Q24

• Noninterest expense of $16.3B increased $0.3B, or 2%, driven by investments in people and revenue-related compensation

• Balance sheet remained strong – Average deposits of $1.91T increased $35B, or 2%, vs. 2Q23

  – Average loans and leases of $1.05T increased modestly vs. 2Q23

  – Average Global Liquidity Sources of $909B

  – Common Equity Tier 1 capital of $198B increased $1B from 1Q24

  – Common Equity Tier 1 ratio of 11.9% increased 6 bps from 1Q24; 122 bps above new regulatory minimum, effective October 1, 2024