“NII indeed troughed in the quarter two. NII grew 2% this quarter and ... we expect NII to grow again in quarter four, even as the market expects two more rate cuts in quarter four.”
— Brian Moynihan
03Detailed Report
BML-PJ
Company BML-PJ
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 24, 2026
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Executive Summary
Bank of America reported a solid QQ3 2024 performance, anchored by a first sequential uptick in net interest income (NII) and a resilient, diversified revenue mix. Total revenue of $25.5 billion (reported on the earnings call) was supported by fee-driven growth that more than offset a modest year-over-year decline in NII. Management emphasized an ongoing shift toward higher quality, fee-generating businesses—GWIM, wealth management, investment banking, and sales & trading—while sustaining expense discipline. The bank also showcased robust capital and liquidity metrics, reiterating a path to operating leverage in 2025 as deposit costs stabilize and asset yields reprice over time.
Key themes from the call included: (1) an NII trough in Q2 2024 with Q3 NII up about 2% sequentially and guidance for further NII growth in Q4 and into 2025; (2) continued organic and market-related fee momentum, notably 15% growth in investment/brokerage fees and a 18% rise in investment banking fees YoY, contributing to a 5% YoY increase in fees as a share of revenue; and (3) a durable balance sheet with CET1 at 11.8% and strong liquidity (global liquidity sources of $947B). Investors should monitor NII trajectory through Q4 2024 and into 2025, deposit betas as rate expectations evolve, and the pace of cost discipline against elevated fee-related compensation.
Key Performance Indicators
Revenue
Increasing
23.80B
QoQ: 105.31% | YoY: 11.98%
Gross Profit
Increasing
23.80B
1.00% margin
QoQ: 0.00% | YoY: 14.14%
Operating Income
Increasing
9.04B
QoQ: -18.98% | YoY: 134.44%
Net Income
Increasing
6.90B
QoQ: 0.00% | YoY: 119.34%
EPS
Increasing
0.82
QoQ: 0.00% | YoY: 127.78%
Revenue Trend
Margin Analysis
Financial Highlights
- Revenue (QQ3 2024): $25.5B; Net income: $6.896B; EPS (diluted): $0.81; EPS (basic): $0.82.
- NII (GAAP, non-FTE): $14.0B; fully tax‑equivalent NII: $14.1B; QoQ NII up $0.252B; forward view: NII in Q4 expected to be $14.3B or higher.
- Profitability: Operating income $9.04B; Net income margin around 28.9%; ROA 83 bps; ROE 12.8%.
- Fees: Fees grew ~5% YoY; 45% of revenue from fees; 15% YoY growth in investment/brokerage; 18% YoY growth in investment banking; 12% YoY growth in sales & trading; market-related revenues up ~13% YoY.
- Expenses: Total expenses $16.5B, up 1% QoQ; cost structure supported by higher activity in markets-related businesses.
- Asset quality: Net charge-offs $1.5B; CoR 58 bps; reserve levels stable; unemployment reserve guidance around 5% by end-2025.
- Deposits & funding: Average deposits +$45B YoY (2%); deposits cost rose modestly to 210 bps; liquidity sources at $947B; CET1 11.8% with TLAC strong at $463B; SLR 5.9%.
- Balance sheet: Total assets ~$3.324T; total liabilities ~$3.027T; total equity ~$296.5B; tangible book value per share $26.25, up ~10% YoY.
- Cash and digital: 48M active digital users; 3.6B digital logins; 54% of Consumer sales via digital; Erica interactions ~2.4B; Zelle usage up >20% YoY; 75% of Merrill accounts opened digitally; Global Banking clients digitally active ~87%.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
23.80B
11.98%
105.31%
Gross Profit
23.80B
14.14%
0.00%
Operating Income
9.04B
134.44%
-18.98%
Net Income
6.90B
119.34%
0.00%
EPS
0.82
127.78%
0.00%
Key Financial Ratios
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