Sector: Financials|Industry: Banks - Diversified|Market Cap: $360.63B|Employees: 213K
Bank of America Corporation is a leading financial holding company offering a wide range of banking, investing, asset management, and risk management products and services to individual consumers, small and medium-sized businesses, institutional investors, large corporations, and governments globally. Its primary revenue streams are net interest income and noninterest income from fees and commissions, investment banking, and global markets activities. The company's competitive advantages include its extensive global network, strong brand recognition, and diversified product offerings.
Net income was $6.7 billion, or $0.76 per diluted share, for the three months ended March 31, 2024, compared to $8.2 billion, or $0.94 per diluted share, for the same period in 2023. The decrease in net income was primarily due to higher noninterest expense, lower revenue, and a higher provision for credit losses.
Noninterest income decreased $24 million to $11.8 billion for the three months ended March 31, 2024, compared to the same period in 2023. Market making and similar activities decreased $824 million primarily driven by lower trading revenue from macro products in Fixed Income, Currencies and Commodities (FICC).
The provision for credit losses increased $388 million to $1.3 billion for the three months ended March 31, 2024, compared to the same period in 2023. This increase was primarily driven by credit card loans and the commercial real estate office portfolio.