Summary
Bank of America Corporation (BAC) reported its 2019 financial results in this 10-K filing. The company is a diversified financial institution, providing a full range of banking, investing, asset management, and other financial and risk management products and services. At the end of 2019, BAC had total assets of $2.4 trillion and employed approximately 208,000 people. The report details performance across its four key business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets. Financially, BAC reported net income of $27.4 billion for 2019, a slight decrease from $28.1 billion in 2018, primarily due to an impairment charge related to a merchant services joint venture and increased noninterest expenses. Net interest income saw a modest increase, driven by loan and deposit growth, while noninterest income decreased slightly, impacted by lower service charges and investment/brokerage services, partially offset by higher investment banking fees. The company maintained robust capital ratios, demonstrating strong financial health and compliance with regulatory requirements.
Financial Highlights
35 data points| Revenue | $91.24B |
| Interest Expense | $22.34B |
| Net Income | $27.43B |
| EPS (Basic) | $2.77 |
| EPS (Diluted) | $2.75 |
| Shares Outstanding (Basic) | 9.39B |
| Shares Outstanding (Diluted) | 9.44B |
Key Highlights
- 1Total assets reached $2.4 trillion by the end of 2019, an increase from $2.35 trillion in 2018.
- 2Net income for 2019 was $27.4 billion, compared to $28.1 billion in 2018, with diluted EPS at $2.75 and $2.61 respectively.
- 3Net interest income increased to $48.9 billion in 2019 from $48.2 billion in 2018, driven by loan and deposit growth.
- 4Noninterest income decreased slightly to $42.4 billion in 2019 from $42.9 billion in 2018, impacted by lower service charges and investment/brokerage services.
- 5Noninterest expense increased to $54.9 billion in 2019 from $53.2 billion in 2018, largely due to a $2.1 billion impairment charge related to the merchant services joint venture.
- 6Common equity tier 1 capital ratio remained strong at 11.2% under the Standardized Approach and 11.5% under the Advanced Approach at December 31, 2019.
- 7The company repurchased $28.1 billion of common stock during 2019 as part of its capital return strategy.