01—Abstract
Summary
Summary of the 10-K filed February 25, 2025. Cited figures are marked; the original filing is the authoritative source.
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 billiona, 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 trillionb. 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 billionc 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.
02—Key points
Key Highlights
- Total revenue increased to $101.9 billion in 2024 from $98.6 billion in 2023, driven by strong noninterest income growth.
- Net 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.
- Deposits increased by $41.6 billion to $1.97 trillion, indicating continued client trust and stability.
- Total assets grew by $81.4 billion to $3.3 trillion, reflecting overall business expansion.
- The company repurchased $13.1 billion of common stock in 2024, demonstrating a commitment to returning capital to shareholders.
- Provision for credit losses increased by $1.4 billion to $5.8 billion, primarily due to loan growth and specific portfolio deteriorations.
- Capital 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.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 25, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $105.86B$102.77B | +3.0% |
| Net Income | $26.97B$26.30B | +2.5% |
| EPS (Basic) | $3.23$3.07 | +5.2% |
| EPS (Diluted) | $3.19$3.05 | +4.6% |
| Shares Outstanding (Basic) | 7.86B8.03B | −2.2% |
| Shares Outstanding (Diluted) | 7.94B8.08B | −1.8% |
05—Questions
Frequently Asked Questions
What was Bank of America's net income and earnings per share for 2024?
Bank of America reported a net income of $27.1 billion for 2024, which translates to $3.21 per diluted share. This represents an increase from the previous year's net income of $26.5 billion, or $3.08 per diluted share.
How did Bank of America's revenue change in 2024 compared to 2023?
Total revenue increased to $101.9 billion in 2024, up from $98.6 billion in 2023. This growth was primarily driven by a significant increase in noninterest income, including higher fees from investment and brokerage services and investment banking.
What is the company's capital position and how is it returning capital to shareholders?
Bank of America maintained a strong capital position, with its Common Equity Tier 1 (CET1) capital ratio at 11.9% and Tier 1 capital ratio at 13.2% as of December 31, 2024, both well above regulatory minimums. The company returned capital to shareholders by repurchasing $13.1 billion of common stock in 2024 and declared a quarterly dividend of $0.26 per share.
How did the provision for credit losses change, and what factors influenced it?
The provision for credit losses increased by $1.4 billion to $5.8 billion in 2024 compared to 2023. This increase was mainly attributed to loan growth in credit card and small business portfolios, along with asset quality deterioration observed in the commercial real estate office and credit card portfolios.
06—Continue