Bank Of America Corporation · NYSE:BAC
Bank Of America — Q1 2025 Earnings Presentation
36 slides from Bank Of America's earnings presentation, Apr 15, 2025
Slide 1: Bank of America 1Q25 Financial Results
Bank of America 1Q25 Financial Results April 15, 2025
Slide 2: 1Q25 Highlights
1Q25 Highlights Continued strong Growth in earnings Healthy returns balance sheet Return on average common equity Revenue $27.4B1 Deposits ~$2.0T3 10.4% +6% YoY +2% YoY Return on average Net income $7.4B CET1 11.8%4 tangible common equity7 +11% YoY well above reg. min.5 13.9% EPS $0.902 Robust liqui
Slide 3: Continued Organic Growth in 1Q25
Continued Organic Growth in 1Q25 Consumer Banking Global Wealth & Investment Management Added ~250,000 net new checking accounts; Added ~7,200 net new relationships across Merrill 25 consecutive quarters of net growth and Private Bank Added ~1MM credit card accounts1 Opened ~27,000 new bank accounts
Slide 4: 1Q25 Consumer Payment Spend of $1.1T was up 4% YoY
1Q25 Consumer Payment Spend1 of $1.1T was up 4% YoY Payment Spend ($ Volume) and YoY % Growth Payment Spend ($ and Transaction Volume) Quarterly YoY % Growth $1.1T $ Volume Transaction # $1.0T $1.0T $0.9T 50% 13% 25% 8% 3% 4% 4% 2% 0% 1Q22 1Q23 1Q24 1Q25 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
Slide 5: 1Q25 Financial Results
1Q25 Financial Results Summary Income Statement 1Q25 4Q24 Inc / (Dec) 1Q24 Inc / (Dec) ($B, except per share data) Total revenue, net of interest expense $27.4 $25.3 $2.0 8 % $25.8 $1.5 6 % Provision for credit losses 1.5 1.5 — 2 1.3 0.2 12 Net charge-offs 1.5 1.5 — (1) 1.5 — (3) Reserve build (rele
Slide 6: 1Q25 Highlights
1Q25 Highlights (Comparisons to 1Q24, unless otherwise noted) • Net income of $7.4B; EPS of $0.90; ROE1 10.4%, ROTCE1,2 13.9% • Revenue, net of interest expense, of $27.4B ($27.5B FTE)1,2 increased $1.5B, or 6% – Net interest income (NII) of $14.4B ($14.6B FTE)2 increased $0.4B, or 3%; up $0.1B, or
Slide 7: Balance Sheet, Liquidity, and Capital
Balance Sheet, Liquidity, and Capital (EOP1 basis unless noted) Balance Sheet Metrics 1Q25 4Q24 1Q24 Basel 3 Capital ($B)4 1Q25 4Q24 1Q24 Assets ($B) Common equity tier 1 capital $201 $201 $197 Total assets $3,349 $3,262 $3,274 Standardized approach Total loans and leases 1,111 1,096 1,049 Risk-weig
Slide 8: Capital Deployed for Growth and Returned to Shareholders
Capital Deployed for Growth and Returned to Shareholders CET1 Ratio Drivers1 +41 bps (12 bps) (11 bps) (27 bps) $2.0B 11.9% (2 bps) 11.8% $7.0B +$16B RWA • Global Markets $4.5B balance sheet ~110 bps above growth regulatory • Higher loan minimum balances 4Q24 Net income Common RWA Share Other 3 1Q25
Slide 9: Average Deposit and Rate Paid Trends
Average Deposit and Rate Paid Trends Total Corporation ($B) Consumer Banking ($B) $1,958 $1,958 $2,000 $1,875 $1,876 $1,905 $1,907 $1,910 $1,921 4.00% $1,200 4.00% $1,006 $980 $959 $952 $949 $938 $942 $948 $1,500 3.00% $900 3.00% $1,000 1.93% 1.94% 2.00% $600 2.00% 1.79% $500 1.00% $300 1.00% 0.55%
Slide 10: Average Loan and Lease Trends
Average Loan and Lease Trends Total Loans and Leases ($B) Total Loans and Leases by Portfolio ($B) $1,200 YoY $750 $1,048 $1,051 $1,060 $1,081 $1,094 +4% $620 $632 $591 $596 $602 $800 $500 $456 $456 $458 $461 $462 $400 $250 $0 $0 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 Consumer Commercial
Slide 11: Net Interest Income
Net Interest Income Net Interest Income (FTE, $B)1 • Net interest income of $14.4B ($14.6B FTE)1 – Increased $0.1B from 4Q24, driven by lower deposit costs, $14.2 $14.1 $14.5 $14.6 higher NII related to Global Markets (GM) activity, and fixed-rate $15.0 $13.9 asset repricing, partially offset by the
Slide 12: Net Interest Income Outlook
Net Interest Income Outlook1,2 ~$350MM- ~$15.5B- $550MM $15.7B ~$550MM ~($450MM) ~$200MM ~$250MM $14.6B • Low-single- • Held-to- • 25 bp digit loan maturity interest and deposit (HTM) rate cuts growth securities in May, Jul, Sep, and • Mortgage Dec 2025 loans • Cash flow hedges 1Q25 Day Fixed-rate I
Slide 13: Expense and Efficiency
Expense and Efficiency Total Noninterest Expense ($B) $20.0 $17.2 $16.8 $17.8 $16.3 $16.5 0.7 6.3 6.6 6.9 6.9 6.5 $10.0 10.2 9.8 9.9 10.2 10.9 $0.0 (0.3) 1Q24 2Q24 3Q24 4Q24 1Q25 Compensation and benefits Other FDIC special assessment Efficiency Ratio 70% 67% 65% 65% 64% 64% 65% 60% 1Q241 2Q24 3Q24
Slide 14: Asset Quality
Asset Quality Net Charge-offs ($MM)1 • Total net charge-offs1 of $1.5B decreased $1,498 $1,533 $1,534 $14MM from 4Q24 $1,600 $1,466 $1,452 1.00% – Consumer net charge-offs of $1.1B increased $12MM, driven primarily by seasonally-higher $1,200 0.75% credit card losses ▪ Credit card loss rate of 4.05%
Slide 15: Asset Quality – Consumer and Commercial Portfolios
Asset Quality – Consumer and Commercial Portfolios Consumer Net Charge-offs ($MM) Consumer Metrics ($MM) 1Q25 4Q24 1Q24 Provision $1,100 $1,083 $959 $1,200 $1,107 $1,119 1.50% $1,028 $1,059 $1,044 Nonperforming loans and leases 2,613 2,647 2,697 % of loans and leases1 0.56 % 0.57 % 0.59 % $800 1.00%
Slide 16: Consumer Banking
Consumer Banking Inc / (Dec) • Net income of $2.5B Summary Income Statement ($MM) 1Q25 4Q24 1Q24 • Revenue of $10.5B increased 3% from 1Q24, driven Total revenue, net of interest expense $10,493 ($153) $327 by higher net interest income, service charges, and Provision for credit losses 1,292 38 142
Slide 17: Global Wealth & Investment Management
Global Wealth & Investment Management Inc / (Dec) • Net income of $1.0B Summary Income Statement ($MM) 1Q25 4Q24 1Q24 • Revenue of $6.0B increased 8% from 1Q24, driven by Total revenue, net of interest expense $6,016 $14 $425 15% higher asset management fees from strong AUM Provision (benefit) for c
Slide 18: Global Banking
Global Banking Inc / (Dec) • Net income of $1.9B Summary Income Statement ($MM) 1Q25 4Q24 1Q24 • Revenue of $6.0B was flat vs. 1Q24, as gains Total revenue, net of interest expense1 $5,977 ($114) ($3) related to leveraged finance positions and higher Provision for credit losses 154 (36) (75) treasur
Slide 19: Global Markets
Global Markets1 Inc / (Dec) • Net income of $1.9B, both including and excluding Summary Income Statement ($MM) 1Q25 4Q24 1Q24 net DVA3 Total revenue, net of interest expense2 $6,584 $1,744 $701 • Revenue of $6.6B increased 12% from 1Q24, driven Net DVA 19 38 104 primarily by higher sales and trading
Slide 20: All Other
All Other1 Inc / (Dec) • Net loss of $4MM improved from a net loss of Summary Income Statement ($MM) 1Q25 4Q24 1Q24 $696MM in 1Q24, reflecting the absence of the Total revenue, net of interest expense ($1,559) $519 $85 $0.7B 1Q24 FDIC special assessment accrual Provision (benefit) for credit losses
Slide 21: Credit Risk Transformation Reflects Responsible Growth Strategy
Credit Risk Transformation Reflects Responsible Growth Strategy (EOP) Loan Mix1 Consumer Loan Portfolio ($B)1 4Q09 1Q25 $750 $675 46 44 $500 $468 161 52 33% (38%) 54 42% 154 100 $1,003B $1,111B (83%) $250 26 58% 67% 257 235 $0 4Q09 1Q25 Residential mortgage Home equity Consumer credit card Commercia
Slide 22: Balance Sheet Highlights
Balance Sheet Highlights (EOP basis unless noted) Metric 4Q09 4Q19 1Q25 Transformation through Responsible Growth Total loans and leases1 $1,003B $983B $1,111B • Our loan portfolio is more balanced today and has less inherent risk than in earlier periods Consumer $675B $466B $468B – Lower concentrat
Slide 23: 1Q25 Consumer Asset Quality Highlights
1Q25 Consumer Asset Quality Highlights $462B ~79% loans secured 36% to GWIM clients Average Balance $229B $100B $52B $54B $26B Securities- Consumer Total Residential Highlights Home Equity Based Vehicle Credit Card Consumer1 Mortgage Lending Lending Ending balance $468B $235B $26B $52B $54B $100B NC
Slide 24: Supplemental Business Segment Trends
Supplemental Business Segment Trends
Slide 25: Consumer Banking Trends
Consumer Banking Trends Business Leadership1 Total Revenue ($B) Total Expense ($B) and Efficiency • No. 1 in U.S. Consumer Deposits(A) $5.8 (B) $12.0 $10.6 $10.5 $6.0 $5.5 $5.5 $5.5 $5.6 70% • No. 1 Small Business Lender $10.2 $10.2 $10.4 • Certified by J.D. Power for 2.1 2.2 2.0 2.0 2.1 Outstanding
Slide 26: Consumer Digital Update
Consumer1 Digital Update Digital Adoption Client Engagement Digital Users2 and Households3 Digital Channel Usage4 Digitally-Enabled Sales5 59 3,972 1,976 60 56 57 100% 4,000 2,000 100% 54 3,400 1,721 1,784 3,115 1,623 49 90% 2,748 50 47 3,000 1,500 75% 45 42 80% 40 2,000 1,000 65% 50% 76% 78% 53% 70
Slide 27: Global Wealth & Investment Management Trends
Global Wealth & Investment Management Trends Business Leadership1 Average Deposits ($B) Average Loans and Leases ($B) • No. 1 on Forbes' Top Women Wealth Advisors $297 $300 $288 $280 $285 $286 $250 $232 Best-in-State (2025), Best-in-State Wealth $223 $225 $229 $219 Management Teams (2025), and Top N
Slide 28: Global Wealth & Investment Management Digital Update
Global Wealth & Investment Management Digital Update Digital Adoption1 Client Engagement Digital Households / Relationships2 Digital Channel Adoption3 eDelivery4 800 759 100% 100% 100% 748 717 80% 81% 79% 82% 75% 77% 74% 77% 700 688 90% 75% 75% 62% 64% 56% 58% 86% 87% 600 84% 80% 50% 50% 81% 500 70%
Slide 29: Global Banking Trends
Global Banking Trends Business Leadership1 Average Deposits ($B) Average Loans and Leases ($B) (F) • North America’s Most Innovative Bank – 2025 $582 $600 $575 $400 $374 $373 $375 $379 • World’s Best Bank for Trade Finance and for FX $550 $371 $526 $525 Payments; North America’s Best Digital Bank, B
Slide 30: Global Banking Digital Update
Global Banking Digital Update Digital Adoption Client Engagement Relationship Client Adoption %1 Mobile App Sign-ins (K)2 CashPro® App Payments $246 100% 2,500 $250 $222 8.0 87% 87% 86% 86% 2,154 80% 2,000 1,752 $200 $174 6.0 1,482 60% 1,500 $150 $136 4.0 931 4.3 40% 1,000 $100 3.3 3.5 2.0 20% 500 $
Slide 31: Global Markets Trends and Revenue Mix
Global Markets Trends and Revenue Mix Business Leadership1 1Q25 Global Markets Revenue Mix 1Q25 Total FICC Sales and Trading • World's Best Bank for Markets(G) (excl. net DVA)2 Revenue Mix (excl. net DVA)2 • Credit Derivatives House of the Year(K) • North America CLO House(K) • Best Bank – Foreign E
Slide 32: Notes
Notes A Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, inclusive of U.S. government securities, U.S. agency securities, U.S. agency MBS, and a select group of non-U.S. government and supranational securities, and other investment-grade securities, and
Slide 33: Business Leadership Sources
Business Leadership Sources (A) 4Q24 FFIEC Call Reports. (B) FDIC, 4Q24. (C) J.D. Power 2024 Financial Health Support CertificationSM is based on exceeding customer experience benchmarks using client surveys and a best practices verification. For more information, visit jdpower.com/awards.* (D) Stoc
Slide 34: Forward-Looking Statements
Forward-Looking Statements Bank of America Corporation (the Corporation) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do
Slide 35: Important Presentation Information
Important Presentation Information • The information contained herein is preliminary and based on Corporation data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying slides. Bank of America does not undertake an obligati
Slide 36: Bank of America
BANK OF AMERICA