Bank of America Corporation, headquartered in Charlotte, North Carolina, is a major financial institution that provides banking, investing, asset management, and other financial products and services to individuals, small businesses, and large corporations. It operates through four primary segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, and Global Markets.

For the fourth quarter of 2024, Bank of America reported a net income of $6.7 billion, a 112% increase from $3.1 billion in the same quarter of 2023. Earnings per diluted share rose to $0.82, compared to $0.35 in 4Q23. Revenue for the quarter reached $25.3 billion, a 15% increase year-over-year from $22 billion, supported by growth in both net interest income and noninterest income.

The bank’s net interest income was $14.4 billion for 4Q24, up from $14 billion in the previous quarter and $14 billion in 4Q23. Noninterest income was $10.9 billion, a significant increase from $8 billion in 4Q23, reflecting higher asset management and investment banking fees.

The provision for credit losses was $1.5 billion, an increase from $1.1 billion in the year-ago quarter, with net charge-offs totaling $1.5 billion, which increased from $1.2 billion in 4Q23. The bank released reserves amounting to $14 million, compared to a reserve build of $88 million in 4Q23.

Operating expenses for the quarter amounted to $16.8 billion, a decline of 5% from $17.7 billion in 4Q23, largely due to the absence of special assessment expenses recorded in the prior year. The efficiency ratio improved to 66% in 4Q24, down from 81% in the corresponding quarter of 2023.

On the balance sheet, average deposits rose to $1.96 trillion, a 3% increase compared to 4Q23, while average loans and leases were reported at $1.08 trillion, also reflecting a 3% year-over-year increase.

In terms of capital position, common equity tier 1 capital increased to $201 billion, corresponding to a CET1 ratio of 11.9%, which exceeds the regulatory minimum of 10.7%. The bank returned approximately $5.5 billion to shareholders during 2024, including $2 billion in common stock dividends and $3.5 billion in share repurchases.

Overall, Bank of America demonstrated substantial growth in its financial performance metrics and maintained a stable capital and liquidity position at the close of 2024.