Bank of America Full Year 2024 Earnings: In Line With Expectations

Bank of America (NYSE:BAC) Full Year 2024 Results

Key Financial Results

• Revenue: US$96.1b (flat on FY 2023).
• Net income: US$25.5b (up 2.6% from FY 2023).
• Profit margin: 27% (in line with FY 2023).
• EPS: US$3.25 (up from US$3.10 in FY 2023).

BAC Banking Performance Indicators

• Net interest margin (NIM): 1.95% (down from 2.08% in FY 2023).
• Cost-to-income ratio: 65.2% (down from 66.8% in FY 2023).
• Non-performing loans: 0.61% (up from 0.54% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Bank of America Meets Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) was also in line with analyst expectations.

The primary driver behind last 12 months revenue was the Consumer Banking - Deposits segment contributing a total revenue of US$23.7b (25% of total revenue). The largest operating expense was General & Administrative costs, amounting to US$57.4b (81% of total expenses). Explore how BAC's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 3.1% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. We've done some analysis and you can see our take on Bank of America's balance sheet.

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