Bank of America is one of the world’s leading financial institutions, providing a wide array of banking, investing, asset management, and other financial services primarily to individual consumers, small and middle-market businesses, and large corporations. With approximately 69 million clients served through 3,700 retail centers and over 15,000 ATMs, Bank of America remains a significant player in the global financial landscape.

The company’s performance in the fourth quarter of 2024 indicates a period of rise, with net income reported at $6.7 billion, equivalent to $0.82 per share, up from $3.1 billion, or $0.35 per share, in the same quarter last year. Revenue for the fourth quarter reached $25.3 billion, representing a 15% increase compared to the fourth quarter of 2023, while adjusted revenue, excluding the impact of a previous cessation charge, was up 8%.

For the full year of 2024, Bank of America generated revenue surpassing $101 billion and net income totaling $27.1 billion or $3.21 per share, marking a consistent upward trend in profitability. The company also reported a return on assets of 0.83% and a return on tangible common equity of 12.9%.

Net interest income (NII) for the fourth quarter was recorded at $14.4 billion, an increase of 3% year-over-year, which reflects significant loan growth and favorable deposit trends. The full year saw a total NII of $56.1 billion. Average loans and leases rose to $1.08 trillion in the fourth quarter, a 3% increase from the previous quarter and indicative of a strong lending environment. Additionally, average deposits reached $1.96 trillion, increasing 3% year-over-year.

The bank’s Common Equity Tier 1 (CET1) capital was reported at $201 billion, with a CET1 ratio of 11.9%, well above the regulatory minimum of 10.7%. Shareholder returns saw significant activity, with $5.5 billion returned through dividends and stock buybacks in the quarter alone.

The company’s provision for credit losses amounted to $1.5 billion for the quarter, an increase from $1.1 billion in the fourth quarter of 2023 but consistent with prior periods. Net charge-offs totaled $1.5 billion, reflecting stable asset quality and a charge-off ratio of 0.54%.

Noninterest expenses were reported at $16.8 billion, down from $17.7 billion in the prior year, primarily due to the absence of specific prior assessments. This led to an operating leverage for the quarter, suggesting efficiency amid rising revenues.

Overall, Bank of America closed 2024 with robust capital levels and healthy liquidity, ending the year with $953 billion in liquid assets, positioning itself strongly for continued growth into 2025.