Bank of America Corporation reported a marginal increase in revenue to $25.4 billion in Q2 2024 from $25.2 billion in the same quarter the previous year. However, the bank experienced a decline in net profit, dropping to $6.9 billion from $7.4 billion year-on-year, and diluted earnings per share decreased from $0.88 to $0.83. The bank's assets grew to $3.3 trillion, attributed to an uptick in securities borrowed or purchased under agreements to resell and trading account assets. Liabilities also rose to $3.0 trillion, largely due to an increase in securities loaned or sold under repurchase agreements. Shareholders' equity saw a $2.2 billion increase, driven by net income, despite being partially offset by capital returns to shareholders. Net interest income saw a decrease of $456 million compared to Q2 2023, while noninterest...Show More

Bank of America Corporation reported a marginal increase in revenue to $25.4 billion in Q2 2024 from $25.2 billion in the same quarter the previous year. However, the bank experienced a decline in net profit, dropping to $6.9 billion from $7.4 billion year-on-year, and diluted earnings per share decreased from $0.88 to $0.83. The bank's assets grew to $3.3 trillion, attributed to an uptick in securities borrowed or purchased under agreements to resell and trading account assets. Liabilities also rose to $3.0 trillion, largely due to an increase in securities loaned or sold under repurchase agreements. Shareholders' equity saw a $2.2 billion increase, driven by net income, despite being partially offset by capital returns to shareholders. Net interest income saw a decrease of $456 million compared to Q2 2023, while noninterest income rose by $636 million. The bank also reported a $383 million increase in provision for credit losses and a $271 million rise in noninterest expense. Income tax expense increased by $37 million. In terms of capital management, following the 2024 CCAR stress tests, the Federal Reserve set the bank's SCB at 3.2 percent, with a CET1 minimum requirement of 10.7 percent. Additionally, the Board authorized a $25 billion common stock repurchase program starting August 1, 2024.