"This quarter, we achieved success in a number of areas, underscoring the benefits of our diversity and the dedication of our team to deliver responsible growth."
— Brian Moynihan
03Detailed Report
BAC.SW
Company BAC.SW
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 25, 2026
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Executive Summary
Bank of America (BAC) reported QQ2 2024 net income of $6.90B and diluted EPS of $0.83 on revenue of $48.53B. The quarter featured a marked decline in net interest income (NII) relative to the prior period, consistent with management guidance that Q2 would be the trough of the rate cycle. Despite NII headwinds, the firm delivered broad-based fee growth (fees up 6% YoY, representing about 46% of revenue), with asset management fees up 14% YoY and investment banking fees up 29% YoY, underscoring the strength of the non-interest income engine. Management reiterated that NII is expected to rise in Q3 and Q4 as fixed-rate asset repricing, cash-flow hedges, and strategic balance sheet actions materialize. The bank remains well-capitalized, with a CET1 ratio of 11.9%, TLAC comfortably above requirements, and large liquidity buffers (global liquidity sources at $909B). The share count declined to ~7.90B diluted shares, and the bank resumed a clear path toward dividend growth (8% expected upon board approval) and ongoing share repurchases (~$3.5B in the quarter). In sum, BAC’s QQ2 2024 results display a defensive earnings base supported by a robust deposit franchise and growing wealth-management revenue, setting up a multi-quarter recovery as the rate environment evolves and the company executes on its strategic initiatives.
Key Performance Indicators
Revenue
Increasing
48.53B
QoQ: 0.95% | YoY: 11.84%
Gross Profit
Decreasing
23.87B
49.19% margin
QoQ: -2.57% | YoY: -0.84%
Operating Income
Decreasing
7.56B
QoQ: 4.10% | YoY: -5.90%
Net Income
Decreasing
6.90B
QoQ: 3.34% | YoY: -6.90%
EPS
Decreasing
0.83
QoQ: 7.79% | YoY: -5.68%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue and profitability
- Total revenue: $48.53B (Q2 2024)
- Net income: $6.897B; YoY: -6.9%; QoQ: +3.3%
- EPS (diluted): $0.83; YoY: -5.7%; QoQ: +7.8%
- Operating income: $7.56B; margin 15.6% of revenue
- Net interest income (NII): trough in Q2 2024; management guides to growth in Q3/Q4; NIM around 1.93% observed in the quarter (per investor commentary)
- Fees as a mix: 46% of revenue; asset management fees up 14% YoY; investment banking fees up 29% YoY; S&T up 7% YoY; card and service charges up 6% YoY
- Non-interest income strength more than offsetting NII weakness
Balance sheet and capital
- Total assets: $3.263T; CET1 ratio: 11.9% (regulatory requirement > 10%); TLAC: $468B; supplemental leverage ratio: 6%
- Tangible book value per share: $25.37; up 9% YoY
- Deposits: ending deposits down $36B QoQ; average deposits up 2% YoY; excess deposits ~$850B; liquidity sources ~$909B
- Loans: average loans $1.051T; up 1% YoY; mix shows credit-card growth and modest commercial expansion; CRE office loans down
- Share count: diluted weighted-average shares ~7.90B; share repurchases: $3.5B; dividends paid: $1.9B; potential 8% dividend increase
Valuation and metrics
- Price-to-book around 0.79x; price-to-sales around 19.8x; price-to-earnings around 8.4x; dividend yield ~0.73%
- ROA: ~0.85%; ROE (tangible): ~14%; NII driven by rising fee income and stable non-interest income
Liquidity and capital integrity
- CET1 remains strong at 11.9% well above the 10% floor and post-CCAR requirements; TLAC and regulatory capital levels provide a durable buffer
- Excess liquidity and deposits provide significant scale for funding and opportunistic deployment
Key takeaways
- The QQ2 2024 quarter showcases Bank of America’s resilience via its diversified fee-based model and robust capital framework, even as NII remains pressured by a low-rate environment and deposit dynamics.
- Management’s guidance for NII recovery in Q3/Q4 and the potential for 8% dividend growth suggests a constructive mid-term earnings trajectory, contingent on rate path and deposit/loan growth dynamics.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
48.53B
11.84%
0.95%
Gross Profit
23.87B
-0.84%
-2.57%
Operating Income
7.56B
-5.90%
4.10%
Net Income
6.90B
-6.90%
3.34%
EPS
0.83
-5.68%
7.79%
Key Financial Ratios
Gross Profit Margin
Weak
-0.07%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.17%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Excellent
59.10%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.21%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
2.35%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.69
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
1.16
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
8.38x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Undervalued
0.79x
Trading below book value, potential value opportunity or distressed
Management Insights Available for Members
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