On July 16, 2024, Bank of America Corporation filed a Form 8-K report with the SEC, announcing its financial results for the second quarter ended June 30, 2024. The bank reported a net income of $6.9 billion, or $0.83 per diluted share, a slight decrease from the previous year's second quarter net income of $7.4 billion, or $0.88 per diluted share. The report highlighted a total revenue of $25.4 billion, a modest increase from the previous year, driven by higher asset management and investment banking fees, as well as sales and trading revenue. However, net interest income saw a 3% decrease to $13.7 billion. The provision for credit losses was $1.5 billion, up from both the previous quarter and the same quarter last year. Noninterest expense rose by 2% to $16.3 billion due...Show More

On July 16, 2024, Bank of America Corporation filed a Form 8-K report with the SEC, announcing its financial results for the second quarter ended June 30, 2024. The bank reported a net income of $6.9 billion, or $0.83 per diluted share, a slight decrease from the previous year's second quarter net income of $7.4 billion, or $0.88 per diluted share. The report highlighted a total revenue of $25.4 billion, a modest increase from the previous year, driven by higher asset management and investment banking fees, as well as sales and trading revenue. However, net interest income saw a 3% decrease to $13.7 billion. The provision for credit losses was $1.5 billion, up from both the previous quarter and the same quarter last year. Noninterest expense rose by 2% to $16.3 billion due to investments in personnel and revenue-related compensation. Bank of America also reported average deposit balances of $1.91 trillion and average loans and leases of $1.05 trillion. The bank's CET1 capital was $198 billion, with a CET1 ratio of 11.9%, well above the new regulatory minimum effective October 1, 2024. Bank of America returned $5.4 billion to shareholders through dividends and share repurchases. The bank's book value per common share increased by 7% to $34.39, and the tangible book value per common share rose by 9% to $25.37. Additionally, the bank held an investor conference call and webcast to discuss the financial results and other matters related to the corporation.