Bank of America Corp (NYSE:BACpL.PFD)

$ 1255.99 1.99 (0.16%) Market Cap: - Enterprise Value: 166.16 Bil PE Ratio: 13.65 PB Ratio: 1.13 GF Score: 82/100

Q1 2024 Bank of America Corp Earnings Call Transcript

Apr 16, 2024 / 12:30 PM GMT

Release Date Price: $1159.64 (+0.23%)

Transcript 10-Q8-K

Key Points

Positve

Investment Banking fees grew 35% from Q1 2023, reaching nearly $1.6 billion, indicating strong market share growth.
Brokerage Services revenue across Merrill and the Private Bank grew 11% year-over-year to nearly $3.6 billion.
Sales and trading revenue improved for the eighth consecutive quarter, achieving the highest first quarter result in over a decade at $5.2 billion.
Net Interest Income (NII) exceeded guidance, reporting $14.2 billion, which was $100 million higher than Q4 2023.
Strong expense management with year-over-year expenses adjusted for the FDIC assessment up less than 2%, below the inflation rate.

Negative

Ending loans were down modestly due to expected credit card seasonality, indicating a slight decrease in loan growth.
Consumer Banking earnings declined 15% year-over-year due to lower deposit balances and increased provision expense from credit card loss normalization.
Global Banking earnings decreased by 22% year-over-year, impacted by lower net interest income and higher provision expense.
Commercial net charge-offs increased due to commercial real estate losses, particularly in office exposures.
Efficiency ratio, while improved from 66% to 64%, still indicates room for improvement in operational efficiency.

Refinitiv StreetEvents Event Transcript
P R E L I M I N A R Y V E R S I O N

BAC.N - Bank of America Corp
Q1 2024 Bank of America Corp Earnings Call
Apr 16, 2024 / 12:30PM GMT

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Conference Call Participants
=====================
* >>Alastair Borthwick - CFO
* >>Steven Chubak - Wolfe Research, LLC
* >>Brian Moynihan - CEO
* >>Michael Mayo - Wells Fargo Securities, LLC, Research Division
* >>John McDonald - Autonomous Research US LP
* >>Betsy Graseck - Morgan Stanley, Research Division
* >>Glenn Schorr - Evercore ISI Institutional Equities, Research Division
* >>Matthew O'Connor - Deutsche Bank AG, Research Division
* >>Kenneth Usdin - Jefferies LLC, Research Division
* >>Gerard Cassidy - RBC Capital Markets, Research Division
* >>James Mitchell - Seaport Research Partners

=====================
Presentation
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Operator [1]
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