As filed with the Securities and Exchange Commission on April 16, 2024

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

April 16, 2024

BANK OF AMERICA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

1-6523

56-0906609

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

100 North Tryon Street

Charlotte, North Carolina 28255

(Address of principal executive offices)

(704) 386-5681

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

  • Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  • Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  • Pre-commencementcommunications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  • Pre-commencementcommunications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

BAC

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a share of

BAC PrE

New York Stock Exchange

Floating Rate Non-Cumulative Preferred Stock, Series E

Depositary Shares, each representing a 1/1,000th interest in a share of

BAC PrB

New York Stock Exchange

6.000% Non-Cumulative Preferred Stock, Series GG

Depositary Shares, each representing a 1/1,000th interest in a share of

BAC PrK

New York Stock Exchange

5.875% Non-Cumulative Preferred Stock, Series HH

7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L

BAC PrL

New York Stock Exchange

Depositary Shares, each representing a 1/1,200th interest in a share of

BML PrG

New York Stock Exchange

Bank of America Corporation Floating Rate Non-Cumulative

Preferred Stock, Series 1

Depositary Shares, each representing a 1/1,200th interest in a share of

BML PrH

New York Stock Exchange

Bank of America Corporation Floating Rate Non-Cumulative

Preferred Stock, Series 2

Depositary Shares, each representing a 1/1,200th interest in a share of

BML PrJ

New York Stock Exchange

Bank of America Corporation Floating Rate Non-Cumulative

Preferred Stock, Series 4

Depositary Shares, each representing a 1/1,200th interest in a share of

BML PrL

New York Stock Exchange

Bank of America Corporation Floating Rate Non-Cumulative

Preferred Stock, Series 5

Floating Rate Preferred Hybrid Income Term Securities of BAC Capital

BAC/PF

New York Stock Exchange

Trust XIII (and the guarantee related thereto)

5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities

BAC/PG

New York Stock Exchange

of BAC Capital Trust XIV (and the guarantee related thereto)

Income Capital Obligation Notes initially due December 15, 2066 of

MER PrK

New York Stock Exchange

Bank of America Corporation

Senior Medium-Term Notes, Series A, Step Up Callable Notes, due

BAC/31B

New York Stock Exchange

November 28, 2031 of BofA Finance LLC (and the guarantee of the

Registrant with respect thereto)

Depositary Shares, each representing a 1/1,000th interest in a share of

BAC PrM

New York Stock Exchange

5.375% Non-Cumulative Preferred Stock, Series KK

Depositary Shares, each representing a 1/1,000th interest in a share of

BAC PrN

New York Stock Exchange

5.000% Non-Cumulative Preferred Stock, Series LL

Depositary Shares, each representing a 1/1,000th interest in a share of

BAC PrO

New York Stock Exchange

4.375% Non-Cumulative Preferred Stock, Series NN

Depositary Shares, each representing a 1/1,000th interest in a share of

BAC PrP

New York Stock Exchange

4.125% Non-Cumulative Preferred Stock, Series PP

Depositary Shares, each representing a 1/1,000th interest in a share of

BAC PrQ

New York Stock Exchange

4.250% Non-Cumulative Preferred Stock, Series QQ

Depositary Shares, each representing a 1/1,000th interest in a share of

BAC PrS

New York Stock Exchange

4.750% Non-Cumulative Preferred Stock, Series SS

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

☐

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 16, 2024, Bank of America Corporation (the "Corporation") announced financial results for the first quarter ended March 31, 2024, reporting first quarter net income of $6.7 billion, or $0.76 per diluted share. A copy of the press release announcing the Corporation's results for the first quarter ended March 31, 2024 (the "Press Release") is attached hereto as Exhibit 99.1 and is incorporated by reference in this Item 2.02. The Press Release is available on the Corporation's website.

The information provided in Item 2.02 of this report, including Exhibit 99.1, shall be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

ITEM 7.01. REGULATION FD DISCLOSURE.

On April 16, 2024, the Corporation will hold an investor conference call and webcast to discuss financial results for the first quarter ended March 31, 2024, including the Press Release and other matters relating to the Corporation.

The Corporation has also made available on its website presentation materials containing certain historical and forward-looking information relating to the Corporation (the "Presentation Materials") and materials that contain additional information about the Corporation's financial results for the first quarter ended March 31, 2024 (the "Supplemental Information"). The Presentation Materials and the Supplemental Information are furnished herewith as Exhibit 99.2 and Exhibit 99.3, respectively, and are incorporated by reference in this Item 7.01. All information in Exhibits 99.2 and 99.3 is presented as of the particular date or dates referenced therein, and the Corporation does not undertake any obligation to, and disclaims any duty to, update any of the information provided.

The information provided in Item 7.01 of this report, including Exhibits 99.2 and 99.3, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the information or Exhibits 99.2 or 99.3 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit 99.1 is filed herewith. Exhibits 99.2 and 99.3 are furnished herewith.

EXHIBIT NO.

DESCRIPTION OF EXHIBIT

  1. The Press Release
  2. The Presentation Materials
  3. The Supplemental Information

104

Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BANK OF AMERICA CORPORATION

By:

/s/ Rudolf A. Bless

Rudolf A. Bless

Chief Accounting Officer

Dated: April 16, 2024

Bank of America Reports Q1-24 Net Income of $6.7 Billion, EPS of $0.76 Revenue of $25.8 Billion,1 Including Net Interest Income of $14.0 Billion

Results Include FDIC Special Assessment Expense of $700 Million (Pretax)

Q1-24 Adjusted Net Income of $7.2 Billion, Adjusted EPS of $0.832(A)

Q1-24 Financial Highlights3(B)

  • Net income of $6.7 billion, or $0.76 per diluted share, compared to $8.2 billion, or $0.94 per diluted share in Q1-23
    • Adjusted net income of $7.2 billion (excluding FDIC special assessment), or adjusted diluted earnings per share of $0.832
  • Revenue, net of interest expense, of $25.8 billion decreased $440 million, or 2%, including higher investment banking and asset management fees, as well as sales and trading revenue, and lower net interest income (NII)
    • NII decreased 3% to $14.0 billion ($14.2 billion FTE),(C) as higher deposit costs more than offset higher asset yields and modest loan growth
  • Provision for credit losses of $1.3 billion, up from $1.1 billion in Q4-23 and $931 million in Q1-23
    • Net reserve release of $179 million vs. $88 million in
      Q4-23 and net reserve build of $124 million in Q1-23(D)
    • Net charge-offs of $1.5 billion increased from $1.2 billion in Q4-23 and $807 million in Q1-23
  • Noninterest expense of $17.2 billion increased $1.0 billion, or 6%
    • Excluding FDIC special assessment, adjusted noninterest expense of $16.5 billion increased approximately $300 million, or 2%2
  • Average deposit balances of $1.91 trillion increased $14 billion vs. Q1-23
  • End of period deposit balances increased $23 billion to $1.95 trillion vs. Q4-23
  • Average loans and leases of $1.05 trillion were up 1% vs. Q1-23
  • Average Global Liquidity Sources of $909 billion(E)
  • Common equity tier 1 (CET1) capital of $197 billion increased $2 billion from Q4-23
  • CET1 ratio of 11.8% (Standardized);(F) 184 bps above regulatory minimum
  • Returned $4.4 billion to shareholders through common stock dividends and share repurchases8
  • Book value per common share rose 7% to $33.71; tangible book value per common share rose 9% to $24.799
  • Return on average common shareholders' equity (ROE) ratio of 9.4%; return on average tangible common shareholders' equity (ROTCE) ratio of 12.7%;9 adjusted ROE of 10.2%2 and adjusted ROTCE of 13.8%2

Q1-24 Business Segment Highlights3,4(B)

Consumer Banking

  • Net income of $2.7 billion
  • Revenue of $10.2 billion, down 5%
  • Average deposits of $952 billion, down 7%; 32% above pre-pandemic levels
  • Average loans and leases of $313 billion increased $9 billion, or 3%
  • Combined credit / debit card spend of $219 billion, up 5%
  • Client Activity
    • Added ~245,000 net new consumer checking accounts in Q1-24; 21st consecutive quarter of growth
    • Record 36.9 million consumer checking accounts with 92% being primary5
    • Small Business checking accounts of 3.9 million, up 2%
    • Record consumer investment assets of $456 billion grew 29%; including $44 billion of net client flows since Q1-23
    • Digital logins of 3.4 billion; digital sales represented 50% of total sales

Global Wealth and Investment Management

  • Net income of $1.0 billion
  • Record revenue of $5.6 billion increased 5%
  • Client balances of nearly $4 trillion, up 13%, driven by higher market valuations and positive net client flows
  • AUM flows of $25 billion in Q1-24
  • Client Activity
    • Added over 7,300 net new relationships across Merrill and Private Bank
    • AUM balances of $1.7 trillion, up $263 billion
    • 76% of Merrill eligible accounts opened digitally

Global Banking

  • Net income of $2.0 billion
  • Total investment banking fees (excl. self-led) of $1.6 billion, up 35%
  • No. 3 in investment banking fees6
  • Client Activity
    • Average deposits of $526 billion increased $33 billion, or 7%
    • Added 25% more Global Commercial Banking new clients vs. Q1-237

Global Markets

  • Net income of $1.7 billion
  • Sales and trading revenue up less than 1% to $5.1 billion, including net debit valuation adjustment (DVA) losses of $85 million; Fixed Income, Currencies and Commodities (FICC) revenue down 6% to $3.2 billion, and Equities revenue up 14% to $1.9 billion
  • Excluding net DVA,(G) sales and trading revenue up 2% to $5.2 billion; FICC revenue down 4% to $3.3 billion, and Equities revenue up 15% to $1.9 billion
  • Zero days of trading losses in Q1-24

From Chair and CEO Brian Moynihan:

"We reported a strong quarter as our businesses performed well, adding clients and deepening relationships. We reached 36.9 million consumer checking accounts, with 21 consecutive quarters of net checking account growth. Our Wealth Management team generated record revenue, with record client balances, and investment banking rebounded. Bank of America's sales and trading businesses continued their strong 2023 momentum this quarter, reporting the best first quarter in over a decade. Continued strong earnings and strong expense management both position our company to continue to drive our market leading positions across our businesses."

See pages 10 and 11 for endnotes. Amounts may not total due to rounding.

  • Revenue, net of interest expense.
  • Adjusted net income, adjusted EPS, adjusted noninterest expense, adjusted ROE, and adjusted ROTCE represent non-GAAP financial measures. For more information and a reconciliation to the most directly comparable GAAP financial measures, see Endnote A on page 10. Q1-24 adjusted noninterest expense of $16.5B is calculated as reported noninterest expense of $17.2B, less the FDIC special assessment of $0.7B.
  • Financial Highlights and Business Segment Highlights are compared to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted.
    4 The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis.
  • Represents the percentage of consumer checking accounts that are estimated to be the customer's primary account based on multiple relationship factors (e.g., linked to their direct deposit).
    6 Source: Dealogic as of March 31, 2024.
    7 Preliminary as of March 31, 2024.

8

Includes repurchases to offset shares awarded under equity-based compensation plans.

1

9

Tangible book value per common share and return on average tangible common shareholders' equity ratio represent non-GAAP financial measures. For more information, see page 19.

From Chief Financial Officer Alastair Borthwick:

"The first quarter saw continued organic growth in our businesses as we grew loans and deposits from Q1-23. We saw increased digital engagement as clients utilized the power of the Bank of America platform to meet their financial needs. Our net income was $6.7 billion, and we were able to return $4.4 billion to shareholders through common stock dividends and share repurchases this quarter."

Bank of America Financial Highlights

Reported

FDIC Special

Adjusted1

Reported

($ in billions, except per share data)

Q1-24

Assessment

Q1-24

Q1-23

Total revenue, net of interest expense

$25.8

$-

$25.8

$26.3

Provision for credit losses

1.3

-

1.3

0.9

Noninterest expense

17.2

0.7

16.5

16.2

Pretax income

7.3

(0.7)

8.0

9.1

Pretax, pre-provision income2(H)

8.6

(0.7)

9.3

10.0

Income tax expense

0.6

(0.2)

0.8

0.9

Net income

6.7

(0.5)

7.2

8.2

Diluted earnings per share

$0.76

($0.07)

$0.83

$0.94

Return on average assets

0.83 %

0.89 %

1.07 %

Return on average common shareholders' equity

9.4

10.2

12.5

Return on average tangible common shareholders' equity2

12.7

13.8

17.4

Efficiency ratio

67

64

62

  • Amounts in this column (other than total revenue, net of interest expense, and provision for credit losses) are adjusted for the FDIC special assessment accrual. Adjusted amounts represent non-GAAP financial measures. For additional information and a reconciliation of these non-GAAPfinancial measures to the most directly comparable GAAP financial measures, see Endnote A on page 10.
  • Pretax, pre-provision income and return on average tangible common shareholders' equity represent non-GAAP financial measures. For more information, see page 19.

Spotlight on Average Deposits and Common Equity Tier 1 Capital ($B)

Average Deposits

Common Equity Tier 1 Capital 1

$1,894

$1,905

$1,907

$194

$195

$197

$190

$1,875

$1,876

$184

11.9%

11.8%

11.8%

11.6%

11.4%

Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024

Common Equity Tier 1 capital

Common Equity Tier 1 capital ratio

  • Common equity tier 1 capital ratio under the Standardized approach. For additional information on regulatory capital ratios, see Endnote F on page 11.

2

Consumer Banking1,2

  • Net income of $2.7 billion
  • Revenue of $10.2 billion decreased 5%, driven primarily by the impact of lower deposit balances
  • Provision for credit losses of $1.2 billion vs. $1.1 billion in Q1-23
    • Net reserve build of $6 million(D) in Q1-24 vs. $360 million in Q1-23
    • Net charge-offs of $1.1 billion increased $415 million, driven by credit card
  • Noninterest expense of $5.5 billion relatively flat
    • Efficiency ratio of 54%

Business Highlights1,3(B)

  • Average deposits of $952 billion decreased $74 billion, or 7%
    • 58% of deposits in checking accounts;
      92% are primary accounts4
  • Average loans and leases of $313 billion increased $9 billion, or 3%
  • Combined credit / debit card spend of $219 billion increased 5%
  • Record consumer investment assets5 of $456 billion grew $101 billion, or 29%, driven by $44 billion of net client flows from new and existing clients and higher market valuations
    • 3.9 million consumer investment accounts, up 7%
  • 11.0 million Total clients enrolled in Preferred Rewards, up 8%, with 99% annualized retention rate6

Strong Digital Usage Continued1

  • 76% of overall households7 actively using digital platforms
  • Record 47 million active digital banking users, up 5%, or 2.1 million
  • More than 1.6 million digital sales, representing 50% of total sales
  • Record 3.4 billion digital logins, up 9%
  • New Zelle® records: 21.9 million active users, up 12%; sent and received 348 million transactions, worth $106 billion, both up 27%
  • Clients booked more than 832,000 digital appointments

Financial Results

Three months ended

($ in millions)

3/31/2024

12/31/2023

3/31/2023

Total revenue2

$10,166

$10,329

$10,706

Provision for credit losses

1,150

1,405

1,089

Noninterest expense

5,475

5,234

5,473

Pretax income

3,541

3,690

4,144

Income tax expense

885

922

1,036

Net income

$2,656

$2,768

$3,108

Business Highlights(B)

Three months ended

($ in billions)

3/31/2024

12/31/2023

3/31/2023

Average deposits

$952.5

$959.2

$1,026.2

Average loans and leases

313.0

313.4

303.8

Consumer investment assets

456.4

424.4

354.9

(EOP)5

Active mobile banking users

38.5

37.9

36.3

(MM)

Number of financial centers

3,804

3,845

3,892

Efficiency ratio

54 %

51 %

51 %

Return on average allocated

25

26

30

capital

Total Consumer Credit Card3

Average credit card

$99.8

$100.4

$91.8

outstanding balances

Total credit / debit spend

219.4

228.9

209.9

Risk-adjusted margin

6.8 %

7.2 %

8.7 %

  • Comparisons are to the year-ago quarter unless noted.
    2 Revenue, net of interest expense.
    3 The Consumer credit card portfolio includes Consumer Banking and GWIM.
    4 Represents the percentage of consumer checking accounts that are estimated to be the customer's primary account based on multiple relationship factors (e.g., linked to their direct
    deposit).
    5 Consumer investment assets includes client brokerage assets, deposit sweep balances, Bank
    of America, N.A. brokered CDs, and AUM in Consumer Banking.
    6 As of February 2024. Includes clients in Consumer, Small Business and GWIM.
    7 Household adoption represents households with consumer bank login activities in a 90-day period, as of February 2024.

Continued Business Leadership

  • No. 1 in estimated U.S. Retail Deposits(a)
  • No. 1 Online Banking and Mobile Banking Functionality(b)
  • No. 1 Small Business Lender(c)
  • Best Bank in North America(d)
  • Best Consumer Digital Bank in the U.S.(e)
  • Best Bank in the U.S. for Small and Medium Enterprises(f)
  • Certified by J.D. Power for Outstanding Client Satisfaction with Customer Financial Health Support - Banking & Payments(g)

See page 12 for Business Leadership sources.

3

Global Wealth and Investment Management1,2

  • Net income of $1.0 billion
  • Record revenue of $5.6 billion increased 5%, driven by 12% higher asset management fees, due to higher market levels and strong AUM flows, partially offset by lower NII
  • Noninterest expense of $4.3 billion increased 5%, driven by revenue-related incentives

Business Highlights1(B)

  • Record client balances of nearly $4 trillion increased 13%, driven by higher market valuations and positive net client flows
    - AUM flows of $25 billion in Q1-24
  • Average deposits of $297 billion decreased $17 billion, or 5%
  • Average loans and leases of $219 billion decreased $3 billion, or 1%

Merrill Wealth Management Highlights1 Client Engagement

  • Record client balances of $3.3 trillion(B)
  • AUM balances of $1.4 trillion
  • ~6,500 net new households in Q1-24

Financial Results

Three months ended

($ in millions)

3/31/2024

12/31/2023

3/31/2023

Total revenue2

$5,591

$5,227

$5,315

Provision (benefit) for

(13)

(26)

25

credit losses

Noninterest expense

4,264

3,894

4,067

Pretax income

1,340

1,359

1,223

Income tax expense

335

340

306

Net income

$1,005

$1,019

$917

Business Highlights(B)

Three months ended

($ in billions)

3/31/2024

12/31/2023

3/31/2023

Average deposits

$297.4

$292.5

$314.0

Average loans and leases

218.6

219.4

221.4

Total client balances (EOP)

3,973.4

3,789.4

3,521.6

AUM flows

24.7

8.4

15.3

Pretax margin

24 %

26 %

23 %

Return on average allocated

22

22

20

capital

Strong Digital Usage Continued

  • 86% of Merrill households digitally active3 across the enterprise
    • 62% of Merrill households mobile active across the enterprise
  • 80% of households enrolled in eDelivery4
  • 74% of eligible checks deposited through automated channels5
  • Record 76% of eligible bank and brokerage accounts opened through digital onboarding in Q1-24, up from 53% a year ago

Bank of America Private Bank Highlights1 Client Engagement

  • Record client balances of $634 billion(B)
  • AUM balances of $380 billion
  • ~865 net new relationships in Q1-24

Strong Digital Usage Continued

  • 92% of clients digitally active6 across the enterprise
  • 76% of eligible checks deposited through automated channels5
  • Clients continued leveraging the convenience and effectiveness of our digital capabilities:
    • Digital wallet transactions up 41%
    • Zelle® transactions up 35%
  • Comparisons are to the year-ago quarter unless noted.
    2 Revenue, net of interest expense.
    3 Percentage of digitally active Merrill primary households ($250K+ in investable assets within
    the enterprise) as of March 2024. Excludes Stock Plan and Banking-only households.
    4 Includes Merrill Digital Households (excluding Stock Plan, Banking-only households, Retirement
    only, and 529 only) that receive statements digitally, as of February.
    5 Includes mobile check deposits, remote deposit operations, and automated teller machine
    transactions, as of February for Private Bank and as of March for Merrill.
    6 Percentage of digitally active Private Bank core relationships ($3MM+ in total balances) as of February 2024. Includes third-party activities and excludes Irrevocable Trust-only relationships, Institutional Philanthropic relationships, and exiting relationships.

Continued Business Leadership

  • No. 1 on Forbes' Best-in-State Wealth Advisors (2023), Top Women Wealth Advisors (2023), Top Women Wealth Advisors Best-in-State (2024), Best-in-State Teams (2023), and Top Next Generation Advisors (2023)
  • No. 1 on Barron's Top 1200 Wealth Financial Advisors List (2024)
  • No. 1 on Financial Planning's 'Top 40 Advisors Under 40' List (2024)
  • No. 1 in personal trust AUM(h)
  • Best Private Bank (U.S.), Best Private Bank for Philanthropic Services, and Best Private Bank for Sustainable Investing (North America)(i)
  • Best for Philanthropic Advisory and Best for Next Gen in the U.S. and North America(j)
  • Best Philanthropic / Educational Initiative(k)

See page 12 for Business Leadership sources.

4

Global Banking1,2,3

  • Net income of $2.0 billion
  • Revenue of $6.0 billion decreased 4%, driven primarily by lower NII, partially offset by higher investment banking fees
  • Provision for credit losses of $229 million vs. provision benefit of $237 million in Q1-23
    • Net reserve release of $121 million vs. $324 million in Q1-23
    • Net charge-offs of $350 million increased $263 million, driven by commercial real estate office
  • Noninterest expense of $3.0 billion increased 2%

Business Highlights1,2(B)

  • Total Corporation investment banking fees (excl. self-led) of $1.6 billion increased 35%
    • Improved market share 115 bps; #3 in investment banking fees4
  • Average deposits of $526 billion increased $33 billion, or 7%
  • Average loans and leases of $374 billion decreased $7 billion, or 2%, reflecting lower client demand

Strong Digital Usage Continued1

  • 76% digitally active clients across Commercial, Corporate, and Business Banking clients (CashPro® and BA360 platforms) (as of February 2024) with 87% of relationship clients digitally active
  • Record total mobile sign-ins at 1.75 million, up 18%5
  • Record quarterly CashPro® App Payment Approvals value of $246 billion, increased 41%
  • CashPro® Chat is now supported by Erica® technology with 30K interactions in Q1-24

Financial Results

Three months ended

($ in millions)

3/31/2024

12/31/2023

3/31/2023

Total revenue2,3

$5,980

$5,928

$6,203

Provision (benefit) for

229

(239)

(237)

credit losses

Noninterest expense

3,012

2,781

2,940

Pretax income

2,739

3,386

3,500

Income tax expense

753

914

945

Net income

$1,986

$2,472

$2,555

Business Highlights2(B)

Three months ended

($ in billions)

3/31/2024

12/31/2023

3/31/2023

Average deposits

$525.7

$527.6

$492.6

Average loans and leases

373.6

374.9

381.0

Total Corp. IB fees

1.6

1.1

1.2

(excl. self-led)

Global Banking IB fees

0.8

0.7

0.7

Business Lending revenue

2.4

2.5

2.3

Global Transaction Services

2.7

2.7

3.1

revenue

Efficiency ratio

50 %

47 %

47 %

Return on average allocated

16

20

21

capital

  • Comparisons are to the year-ago quarter unless noted.
  • Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities.
  • Revenue, net of interest expense.
  • Source: Dealogic as of March 31, 2024.
  • Includes CashPro, BA360, and Global Card Access. CashPro data as of February.

Continued Business Leadership

  • World's Most Innovative Bank - 2023(l)
  • World's Best Digital Bank, World's Best Bank for Financing, North America's Best Bank for Small to Medium-sized Enterprises, and North America's Best Bank for Sustainable Finance(m)
  • 2023 Best Bank for Cash & Liquidity Management, Best Bank for Trade & Supply Chain - North America, and Best Mobile Technology Solution for Treasury - CashPro App(n)
  • Best Bank for Payments & Collections in North America(o)
  • Model Bank Award for Reimagining Trade & Supply Chain Finance - 2024 for CashPro Supply Chain Solutions(p)
  • Best Transaction Bank in North America(q)
  • 2023 Share & Excellence Awards for U.S. Large Corporate Banking & Cash Management(r)
  • Relationships with 74% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2023)

See page 12 for Business Leadership sources.

5

Global Markets1,2,3

  • Net income of $1.7 billion
    - Excluding net DVA, net income of $1.8 billion4
  • Revenue of $5.9 billion increased 5%, driven by higher investment banking fees and sales and trading revenue
  • Noninterest expense of $3.5 billion increased 4%, driven by investments in the business, including technology
  • Average VaR of $80 million5

Business Highlights1,2,3(B)

  • Sales and trading revenue of $5.1 billion
    increased less than 1%; excluding net DVA, up 2%(G)
    • FICC revenue decreased 6% (ex. DVA, down 4%),(G) to $3.2 billion, driven by a weaker trading environment in macro products, partially offset by improved trading in mortgages
    • Equities revenue increased 14% (ex. DVA,
      up 15%),(G) to $1.9 billion, driven by strong trading performance in derivatives

Additional Highlights

  • 665+ research analysts covering over 3,500 companies; 1,250+ corporate bond issuers across 55+ economies and 25 industries

Financial Results

Three months ended

($ in millions)

3/31/2024

12/31/2023

3/31/2023

Total revenue2,3

$5,883

$4,088

$5,626

Net DVA4

(85)

(132)

14

Total revenue

$5,968

$4,220

$5,612

(excl. net DVA)2,3,4

Provision (benefit) for

(36)

(60)

(53)

credit losses

Noninterest expense

3,492

3,271

3,351

Pretax income

2,427

877

2,328

Income tax expense

704

241

640

Net income

$1,723

$636

$1,688

Net income

$1,788

$736

$1,677

(excl. net DVA)4

Business Highlights2(B)

Three months ended

($ in billions)

3/31/2024

12/31/2023

3/31/2023

Average total assets

$895.4

$868.0

$870.0

Average trading-related

629.8

615.4

626.0

assets

Average loans and leases

133.8

133.6

125.0

Sales and trading revenue

5.1

3.6

5.1

Sales and trading revenue

5.2

3.8

5.1

(excl. net DVA)4(G)

Global Markets IB fees

0.7

0.4

0.5

Efficiency ratio

59 %

80 %

60 %

Return on average allocated

15

6

15

capital

  • Comparisons are to the year-ago quarter unless noted. The explanations for current period- over-period changes for Global Markets are the same for amounts including and excluding net DVA.
  • Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities.
  • Revenue, net of interest expense.
  • Revenue and net income, excluding net DVA, are non-GAAP financial measures. See Endnote G on page 11 for more information.
  • VaR model uses a historical simulation approach based on three years of historical data and an expected shortfall methodology equivalent to a 99% confidence level. Average VaR was $80MM, $79MM and $109MM for Q1-24,Q4-23 and Q1-23, respectively.

Continued Business Leadership

  • World's Best Bank for Markets(m)
  • Currency Derivatives House of the Year(s)
  • Derivatives House & Foreign Exchange Derivatives House of the Year(t)
  • North America Structured Finance House of the Year(t)
  • Best Bank in the U.S. for Sustainable Finance(i)
  • No. 1 Global Equity Research Provider(u)
  • No. 1 Municipal Bonds Underwriter(v)
  • No. 1 U.S. Asset-Backed Securities Underwriting(w)

See page 12 for Business Leadership sources.

6

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Bank of America Corporation published this content on 16 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 April 2024 11:14:04 UTC.