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 for the three months ended June 30, 2024 was $6.9 billion, down from $7.4 billion in the prior quarter and $7.4 billion in the same period of 2023. The decrease was primarily attributable to higher noninterest expense and provision for credit losses.
Total revenue, net of interest expense, increased slightly year-over-year to $25.4 billion, driven by a $636 million increase in noninterest income. However, net interest income decreased by $456 million.
Total assets increased by $77.8 billion to $3.3 trillion, primarily due to higher securities borrowed or purchased under agreements to resell and trading account assets to support Global Markets client activity.