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 $6.9 billion for the three months ended September 30, 2024, compared to $7.8 billion for the same period in 2023. The decrease was primarily due to higher noninterest expense and a higher provision for credit losses.
Total revenue, net of interest expense, was $25.3 billion for the three months ended September 30, 2024, compared to $25.2 billion for the same period in 2023. Noninterest income increased, while net interest income decreased.
Total assets increased to $3.3 trillion at September 30, 2024, from $3.2 trillion at December 31, 2023. This increase was primarily driven by higher trading account assets and securities borrowed or purchased under agreements to resell.