Bank of America Corp (NYSE:BAC) has just released its financial report for the third quarter of 2025.
Global Markets revenue of $6.2 billion increased 11% from the year-ago quarter, driven primarily by higher sales and trading revenue and investment banking fees.
The segment posted net income of $1.6 billion.
Global Markets sales and trading revenue rose 9% to $5.4 billion including net debit valuation adjustment (DVA) gains of $14 million. Excluding net DVA, the result was up 8%.
Fixed Income, Currencies and Commodities (FICC) revenue was 5% higher than a year earlier, amounting to $3.1 billion including and excluding net DVA.
Equities revenue rose 14% to $2.3 billion including and excluding net DVA.
Across all segments, net income reached $8.5 billion compared to $6.9 billion in the year-ago quarter.
Diluted earnings per share were $1.06 compared to $0.81, up 31% year-on-year.
Revenue, net of interest expense, of $28.1 billion ($28.2 billion FTE), was up 11%, reflected higher net interest income (NII), investment banking and asset management fees, and sales and trading revenue.
Chair and CEO Brian Moynihan commented:
“Strong net income growth drove third quarter diluted earnings per share up 31% from last year. This in turn drove strong improvement in our returns on assets and equity. Revenue grew 11% year-over-year.
Strong loan and deposit growth, coupled with effective balance sheet positioning, resulted in record net interest income. We also saw strong fee performance from our market-facing businesses. As revenues grew at a much faster rate than expenses, we drove good operating leverage and an efficiency ratio below 62%.
With continued organic growth, every line of business reported top and bottom-line improvements. I thank our teammates for a strong quarter”.
