Bank of America (BAC) reported a net income of $27.1 billion for 2024, an increase from $26.5 billion in 2023. This growth was primarily driven by higher noninterest income, which rose to $45.8 billion in 2024 from $41.7 billion in 2023, reflecting a 10% increase. However, this was partially offset by a decline in net interest income, which fell by $871 million to $56.1 billion, primarily due to higher deposit costs despite higher asset yields. The diluted earnings per share (EPS) increased to $3.21 in 2024 from $3.08 in 2023, reflecting improved profitability.

Total revenue, net of interest expense, reached $101.9 billion in 2024, up from $98.6 billion in 2023, representing a 3% increase. This was supported by strong performance in noninterest income categories such as fees and commissions, which grew to $36.3 billion from $32.0 billion in 2023. Investment banking fees also saw a significant rise, increasing by 31% to $6.2 billion, driven by higher underwriting and syndication fees.

The provision for credit losses increased to $5.8 billion in 2024, compared to $4.4 billion in 2023, reflecting a 32% rise. This increase was attributed to higher credit risk in certain portfolios, including consumer and commercial lending. Despite this, the bank maintained strong asset quality metrics, with net charge-offs at $6.0 billion, representing 0.57% of average loans, up from 0.36% in 2023.

Noninterest expense rose to $66.8 billion in 2024, up from $65.8 billion in 2023, reflecting a 1.5% increase. This was primarily driven by higher compensation and benefits expenses, which grew to $40.2 billion, as well as continued investments in technology and operations. The efficiency ratio improved slightly to 65.57% in 2024 from 66.79% in 2023, indicating better cost management relative to revenue growth.

Consumer Banking, the largest segment, reported a net income of $10.8 billion in 2024, down from $11.6 billion in 2023. This decline was due to higher noninterest expenses and lower net interest income, which fell by 2% to $33.1 billion. However, noninterest income remained stable at $8.4 billion. The segment's return on average allocated capital decreased to 25% from 28% in 2023, reflecting the impact of increased expenses and lower profitability.

Global Wealth & Investment Management (GWIM) achieved a net income of $4.3 billion in 2024, up from $3.9 billion in 2023, reflecting a 9% increase. This was driven by higher noninterest income, which rose to $16.0 billion from $14.0 billion in 2023, supported by strong asset management and brokerage fees. Total client balances grew by 12% to $4.3 trillion, driven by higher market valuations and positive net client flows.

Global Banking reported a net income of $8.1 billion in 2024, down from $10.2 billion in 2023, reflecting a 21% decline. This was primarily due to a 10% drop in net interest income to $13.2 billion, as well as higher provisions for credit losses, which increased to $883 million from a net benefit of $586 million in 2023. Noninterest income, however, grew by 6% to $10.7 billion, supported by higher investment banking fees.

Global Markets delivered a net income of $5.6 billion in 2024, up from $4.7 billion in 2023, reflecting a 19% increase. This was driven by a $2.3 billion rise in total revenue to $21.8 billion, supported by higher sales and trading revenue, which increased by 8% to $18.8 billion. Noninterest expense rose by 5% to $13.9 billion, reflecting higher revenue-related expenses and continued investments in technology.

The bank's liquidity position remained robust, with average global liquidity sources increasing to $953 billion in Q4 2024 from $897 billion in Q4 2023. The Liquidity Coverage Ratio (LCR) averaged 113% in Q4 2024, slightly down from 115% in Q4 2023, but still well above regulatory requirements. This reflects the bank's strong ability to meet short-term obligations under stress scenarios.

Shareholders' equity increased by $3.9 billion in 2024, reaching $295.6 billion at year-end. This growth was driven by retained earnings and market value increases on derivatives, partially offset by capital returns to shareholders through stock repurchases and dividends. The bank's Common Equity Tier 1 (CET1) capital ratio stood at 11.9%, consistent with 2023, reflecting strong capital adequacy.