Bank of America Corporation reported solid QQ4 2024 results with a strong finish to the year and a constructive setup for 2025. Reported revenue of $46.965 billion and net income of $6.665 billion for the quarter, translating to earnings per share (diluted) of $0.82–$0.83. Management highlighted a sequential and year-over-year improvement in net interest income (NII) and continued diversification of revenue across Consumer Banking, Wealth Management, Global Banking, and Global Markets. The firm ended 2024 with robust liquidity and CET1 capital of $201 billion, a CET1 ratio of 11.9%, and excess capital of roughly 115 basis points, positioning BoA to support growth and shareholder returns in 2025.
Key Performance Indicators
Revenue
Decreasing
46.97B
QoQ: -3.90% | YoY: -2.30%
Gross Profit
Decreasing
23.90B
50.88% margin
QoQ: 0.39% | YoY: -2.47%
Operating Income
Decreasing
7.11B
QoQ: -2.95% | YoY: -2.12%
Net Income
Decreasing
6.67B
QoQ: -3.35% | YoY: -0.13%
EPS
Increasing
0.83
QoQ: 1.22% | YoY: 7.79%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $46.965B (Q4 2024) vs. prior-year and prior-quarter comparables; Gross profit: $23.895B; Operating income: $7.108B; Net income: $6.665B; EPS (diluted): $0.82; NII (fully taxable equivalent): $14.5B (Q4 2024); NII YoY: +3% (Q4 2024 vs. Q4 2023); NII QoQ: +$0.399B; ROA (Q4): 0.80% (Q4) and 0.83% for full-year 2024; ROE (tangible): 13% for the year; Net charge-offs: 54 bps; Deposits: six-quarter consecutive deposit growth, ending 2024 with ~$952B in deposits; Liquidity sources: $953B; CET1: $201B; CET1 ratio: 11.9%; Cash from operations: $25.914B (net cash provided by operating activities for 2024); Free cash flow: $25.914B; Shareholder returns: $21B returned to shareholders in 2024 (up 75% year-over-year), including an 8% dividend increase; 2025 guidance: NII growth of 6%–7% year over year; Q1 2025 NII to be modestly higher than Q4; 2025 tax rate guidance: 11%–13%; Deposit beta and asset repricing to drive NII; Guidance implies exit-Q4 2025 NII of roughly $15.5B–$15.7B on a fully taxable equivalent basis.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
46.97B
-2.30%
-3.90%
Gross Profit
23.90B
-2.47%
0.39%
Operating Income
7.11B
-2.12%
-2.95%
Net Income
6.67B
-0.13%
-3.35%
EPS
0.83
7.79%
1.22%
Key Financial Ratios
Gross Profit Margin
Excellent
94.20%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Good
20.80%
Operating margin is healthy and competitive within industry standards
Net Profit Margin
Excellent
26.30%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.20%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
0.20%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
6.69
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.10
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Value
6.65x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Undervalued
0.05x
Trading below book value, potential value opportunity or distressed
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