Bank of America Reports Strong Q4 2024 Results

Bank of America announces its Q4 2024 results, highlighting strong financial performance with a significant increase in Global Markets net income compared to Q4 2023. Global Markets posted a net income of $941 million, a 48% year-over-year rise from $636 million in the fourth quarter of 2023. 

Revenue for the segment surged 18% to $4.8 billion, driven by a boost in sales and trading income and higher investment banking fees. The bank’s noninterest expenses rose 7% to $3.5 billion, reflecting increased revenue-related costs and investments in technology and other business areas. Sales and trading revenue reached $4.1 billion, a 13% increase year-over-year. Fixed Income, Currencies, and Commodities (FICC) revenue led the charge with a 19% rise, reaching $2.5 billion, driven by stronger performance in macro products and sustained demand for credit products. 

Bank of America Reports Strong Q4 2024 Results

Equities revenue increased 7% to $1.6 billion, fueled by robust client activity and better trading outcomes. Overall, Bank of America’s net income for the quarter hit $6.7 billion, or $0.82 per diluted share, a significant improvement over the $3.1 billion, or $0.35 per share, reported in the same quarter last year. 

Revenue, net of interest expense, climbed 15% to $25.3 billion, primarily driven by higher asset management and investment banking fees and increased sales and trading revenues. Net interest income (NII) rose by 3% to $14.4 billion, supported by robust activity in Global Markets, asset repricing on fixed-rate products, and loan growth. 

The impact of lower interest rates partially offset these gains. CEO Brian Moynihan highlighted the bank’s strong performance, emphasizing that all sources of revenue had increased, and the bank had experienced better-than-industry growth in both deposits and loans. He also noted that Bank of America ended 2024 with substantial capital and liquidity, allowing for $21 billion in capital returns to shareholders. Looking ahead, Moynihan expressed confidence that the momentum from 2024 would position the bank well for success in 2025.

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