Bank of America Corp (NYSE:BAC) has just released its financial report for the third quarter of 2024.
The Global Markets segment registered net income of $1.5 billion, higher than in the preceding quarter and the year-ago quarter.
Global Markets revenue was $5.6 billion, up 14% from the year-ago quarter, driven by higher sales and trading revenue and investment banking fees.
Sales and trading revenue of $4.9 billion increased 12% (incl. and ex. net DVA).
FICC revenue increased 8% (incl. and ex. net DVA), to $2.9 billion, supported primarily by improved client activity and trading performance in currencies and interest rate products.Equities revenue increased 18% (incl. and ex. net DVA), to $2.0 billion, on the back of strong client activity and trading performance in cash and derivatives.
Across all segments, Bank of America reported net income of $6.9 billion, or $0.81 per diluted share, compared to $7.8 billion, or $0.90 per diluted share in 3Q23.
Revenue, net of interest expense, amounted to $25.3 billion ($25.5 billion FTE), up by $178 million, reflecting higher asset management and investment banking fees, as well as sales and trading revenue and lower net interest income.
Chair and CEO Brian Moynihan commented:
“We reported solid earnings results, delivering higher average loans and our fifth consecutive quarter of sequential average deposit growth. Net interest income increased over the second quarter, complimented by double-digit, year-over-year growth in investment banking and asset management fees, as well as sales and trading revenue. We also continue to benefit from our investments in the business. I thank our teammates for another good quarter. We continue to drive the company forward in any environment.”
