Summary
Bank of America Corporation (BAC) reported its financial results for the fiscal year ending December 30, 2024. The company demonstrated resilience, with total revenue reaching $101.9 billion, an increase from $98.6 billion in the prior year. Net income rose to $27.1 billion, or $3.21 per diluted share, compared to $26.5 billion, or $3.08 per diluted share, in 2023. This growth was primarily driven by a significant increase in noninterest income, particularly from investment and brokerage services and investment banking fees, which more than offset a decrease in net interest income and higher provision for credit losses. The balance sheet remained robust, with total assets growing to $3.3 trillion. Deposits increased by $41.6 billion, reflecting growth in commercial client balances and time deposits. Capital management remained a focus, with BAC maintaining strong capital ratios above regulatory minimums. The company continued its capital return strategy, repurchasing $13.1 billion of common stock during the year and declaring a quarterly dividend of $0.26 per share. Despite an increase in provision for credit losses driven by loan growth and some asset quality deterioration, particularly in the commercial real estate office and credit card portfolios, overall credit metrics remained manageable.
Financial Highlights
34 data points| Revenue | $105.86B |
| Net Income | $26.97B |
| EPS (Basic) | $3.23 |
| EPS (Diluted) | $3.19 |
| Shares Outstanding (Basic) | 7.86B |
| Shares Outstanding (Diluted) | 7.94B |
Key Highlights
- 1Total revenue increased to $101.9 billion in 2024 from $98.6 billion in 2023, driven by strong noninterest income growth.
- 2Net income rose to $27.1 billion, or $3.21 per diluted share, up from $26.5 billion, or $3.08 per diluted share, in 2023.
- 3Deposits increased by $41.6 billion to $1.97 trillion, indicating continued client trust and stability.
- 4Total assets grew by $81.4 billion to $3.3 trillion, reflecting overall business expansion.
- 5The company repurchased $13.1 billion of common stock in 2024, demonstrating a commitment to returning capital to shareholders.
- 6Provision for credit losses increased by $1.4 billion to $5.8 billion, primarily due to loan growth and specific portfolio deteriorations.
- 7Capital ratios remained strong, with CET1 capital ratio at 11.9% and Tier 1 capital ratio at 13.2% under the Standardized approach as of December 31, 2024.