Bank of America has reported a net income of $6.7 billion for the fourth quarter of 2024, with earnings per share at $0.82 and revenue totaling $25.3 billion. In comparison to the previous year, the revenue from the consumer banking segment has increased by 3% to reach $10.6 billion. The segment also saw a 31% increase in average deposits from pre-pandemic levels, now standing at $942 billion. Additionally, the average loans and leases have increased by 1% to $316 billion, and the combined credit/debit card spend has risen by 5% to $241 billion.
The global wealth and investment management segment experienced a 15% increase in revenue, driven by a 23% surge in asset management fees from higher market levels and strong asset under management flows. The segment also reported a 12% increase in client balances, now reaching $4.3 trillion, and a 16% increase in AUM balances, which stand at $1.9 trillion.
Global banking reported a net income of $2.1 billion, with a 44% increase in total investment banking fees, excluding self-led fees. The segment also achieved a 10% increase in sales and trading revenue, reaching $4.1 billion.
Global markets reported a net income of $941 million, with a 13% increase in sales and trading revenue to $4.1 billion. Notably, the fixed income, currencies, and commodities (FICC) revenue saw a 19% increase to $2.5 billion.
For the full year of 2024, Bank of America's net income reached $27.1 billion, with earnings per share at $3.21. The revenue for the year surpassed $100 billion, driven by strong fee income. CEO Brian Moynihan expressed satisfaction with the company's performance, highlighting growth in deposits and loans, strong capital and liquidity, and the return of $21 billion of capital to shareholders in 2024. He also expressed optimism for the company's prospects in 2025, given the solid economic environment. Following these announcements, the company's shares moved -1.7%, and are now trading at a price of $46.28. Check out the company's full 8-K submission here.
