Q3 2024 Bank of America Corp Earnings Call Transcript
Key Points
- Bank of America Corp (BAC) reported a net income of $6.9 billion for the third quarter, demonstrating strong financial performance.
- The company experienced a 2% growth in net interest income (NII) this quarter, with expectations for further growth in the fourth quarter.
- There was a significant increase in consumer payments, up 4% to 5% year-over-year, indicating robust consumer activity.
- The wealth and investment management business saw healthy revenue growth, with investment banking fees increasing by 18% year-over-year.
- Digital engagement continues to rise, with 54% of consumer sales conducted digitally and 48 million active digital users.
- Net interest income (NII) faced a year-over-year decline, despite the recent quarterly growth.
- The company experienced a 4% increase in total expenses, attributed mainly to market-related areas.
- Consumer deposits showed some shrinkage, indicating potential challenges in maintaining deposit growth.
- The efficiency ratio worsened to 65%, up from 63% a year ago, reflecting increased expenses relative to revenue.
- Commercial loan demand remains modest, with revolver utilization not yet picking up significantly.
Good day, everyone, and welcome to Bank of America's earnings announcement. (Operator Instructions) Please note, this call may be recorded. I will be standing by if you should need any assistance. It is my pleasure to turn the program over to Lee McEntire.
Good morning. Welcome, and thank you for joining the call to review our third quarter results. Our earnings release documents are available on the Investor Relations section of the bankofamerica.com website. They include the earnings presentation that we'll make reference to during this call. I hope everyone's had a chance to review those documents. Our CEO, Brian Moynihan, will take -- make some opening comments before Alastair Borthwick, our CFO, discusses the details of the quarter.
Let me just remind you that we may make forward-looking statements and refer to non-GAAP financial measures during the call. Forward-looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties. Factors that may
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