Bank of America Corp (NYSE:BAC) has just released its financial report for the second quarter of 2024.
The Global Markets segment posted net income of $1.4 billion, both including and excluding net DVA.
Global Markets’ Revenue amounted to $5.5 billion in the three months to end-June 2024, up 12% from the year-ago period, driven by higher sales and trading revenue and investment banking fees.
Sales and trading revenue was up 9% to $4.7 billion, including net debit valuation adjustment (DVA) losses of $1 million; Fixed Income, Currencies and Commodities (FICC) revenue grew 3% to $2.7 billion, and Equities revenue was up 20% to $1.9 billion.
Across all segments, net income amounted to $6.9 billion, or $0.83 per diluted share, compared to $7.4 billion, or $0.88 per diluted share in 2Q23.
Revenue, net of interest expense, of $25.4 billion increased $180 million, or 1%, reflecting higher asset management and investment banking fees, as well as sales and trading revenue, and lower net interest income (NII).
Chair and CEO Brian Moynihan commented:
“Our team produced another strong quarter, serving a growing client base. The strength and earnings power of our leading Consumer Banking business is complemented by the growth and profitability of our Global Markets, Global Banking, and Wealth Management businesses. Our Global Markets business delivered its ninth consecutive quarter of year-over-year revenue growth in sales and trading, earning double-digit returns. Our investments in this business are delivering for our shareholders.”
