The earnings call reflected a generally positive sentiment with notable revenue and net income growth, along with improved digital engagement and NII inflection. However, challenges such as declining consumer banking earnings and interest rate sensitivity were acknowledged.

Company Guidance

During the Q3 2024 earnings call for Bank of America, executives outlined various metrics reflecting the company's performance and future expectations. The bank reported $25.5 billion in revenue and a net income of $6.9 billion, with earnings per share at $0.81. Year-to-date net income exceeded $20 billion. Revenue from fees increased by 5% year-over-year, contributing 45% to total revenue, while investment banking fees and sales and trading revenues rose by 18% and 12% respectively. The bank's total expenses grew by 4% year-over-year, with a notable increase in costs related to market activities. Net interest income (NII) grew by 2% this quarter, with expectations for further growth in Q4 2024. Bank of America returned $5.6 billion of capital to shareholders in the quarter. The company highlighted strong organic growth, adding 360,000 net new consumer checking accounts and managing $5.9 trillion in client balances. Digital engagement remained robust, with 48 million active digital users and digital sales accounting for 54% of total consumer sales. The bank's CET1 ratio was reported at 11.8%, well above the regulatory requirement, supporting a solid return on average assets of 83 basis points and a return on tangible common equity of 12.8%.

Revenue Growth

Bank of America generated $25.5 billion in revenue, indicating modest growth compared to the third quarter of 2023, with improved noninterest income offsetting a decline in net interest income.

Net Income Achievement

The bank earned $6.9 billion in net income after tax for the quarter, contributing to a year-to-date net income of just over $20 billion.

NII Growth

Net Interest Income (NII) grew 2% in the third quarter, and further growth is expected in the fourth quarter.

Wealth Management Growth

Wealth and Investment Management business reported healthy revenue growth, with investment banking fees increasing by 18% year-over-year.

Sales and Trading Revenue

Sales and trading revenue increased by 12% year-over-year, marking the tenth consecutive quarter of year-over-year growth.

Digital Engagement

Digital sales represented 54% of total consumer sales, with 48 million active digital users logging in over 3.6 billion times this quarter.

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Bank of America (BAC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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BAC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 16, 2025	2024 (Q4)	0.77 / -	0.35	―	―	―
Oct 15, 2024	2024 (Q3)	0.76 / 0.81	0.9	-10.00% (-0.09)
Jul 16, 2024	2024 (Q2)	0.80 / 0.83	0.88	-5.68% (-0.05)
Apr 16, 2024	2024 (Q1)	0.76 / 0.76	0.94	-19.15% (-0.18)
Jan 12, 2024	2023 (Q4)	0.53 / 0.35	0.85	-58.82% (-0.50)
Oct 17, 2023	2023 (Q3)	0.83 / 0.90	0.81	11.11% (+0.09)
Jul 18, 2023	2023 (Q2)	0.84 / 0.88	0.73	20.55% (+0.15)
Apr 18, 2023	2023 (Q1)	0.81 / 0.94	0.8	17.50% (+0.14)
Jan 13, 2023	2022 (Q4)	0.77 / 0.85	0.82	3.66% (+0.03)
Oct 17, 2022	2022 (Q3)	0.78 / 0.81	0.85	-4.71% (-0.04)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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BAC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 15, 2024	$41.68	$41.91	+0.55%
Jul 16, 2024	$41.39	$43.60	+5.34%
Apr 16, 2024	$35.30	$34.06	-3.51%
Jan 12, 2024	$32.33	$31.99	-1.05%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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