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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-Q(Mark One)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934For the Quarterly Period Ended September30,2024 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIESEXCHANGE ACT

2、 OF 1934For the transition period fromtoCommission file number:1-6523 Exact name of registrant as specified in its charter:Bank of America Corporation State or other jurisdiction of incorporation or organization:Delaware IRS Employer Identification No.:56-0906609 Address of principal executive offic

3、es:Bank of America Corporate Center100 N.Tryon Street Charlotte,North Carolina 28255 Registrants telephone number,including area code:(704)386-5681 Former name,former address and former fiscal year,if changed since last report:Securities registered pursuant to Section 12(b)of the Act:Title of each c

4、lassTrading Symbol(s)Name of each exchange on which registeredCommon Stock,par value$0.01 per shareBACNew York Stock ExchangeDepositary Shares,each representing a 1/1,000th interest in a shareBAC PrENew York Stock Exchange of Floating Rate Non-Cumulative Preferred Stock,Series EDepositary Shares,eac

5、h representing a 1/1,000th interest in a shareBAC PrBNew York Stock Exchange of 6.000%Non-Cumulative Preferred Stock,Series GGDepositary Shares,each representing a 1/1,000th interest in a shareBAC PrKNew York Stock Exchange of 5.875%Non-Cumulative Preferred Stock,Series HH7.25%Non-Cumulative Perpetu

6、al Convertible Preferred Stock,Series LBAC PrLNew York Stock ExchangeDepositary Shares,each representing a 1/1,200th interest in a shareBML PrGNew York Stock Exchangeof Bank of America Corporation Floating RateNon-Cumulative Preferred Stock,Series 1Title of each classTrading Symbol(s)Name of each ex

7、change on which registeredDepositary Shares,each representing a 1/1,200th interest in a shareBML PrHNew York Stock Exchange of Bank of America Corporation Floating RateNon-Cumulative Preferred Stock,Series 2Depositary Shares,each representing a 1/1,200th interest in a shareBML PrJNew York Stock Exch

8、ange of Bank of America Corporation Floating RateNon-Cumulative Preferred Stock,Series 4Depositary Shares,each representing a 1/1,200th interest in a shareBML PrLNew York Stock Exchange of Bank of America Corporation Floating RateNon-Cumulative Preferred Stock,Series 5Floating Rate Preferred Hybrid

9、Income Term Securities of BAC CapitalBAC/PFNew York Stock Exchange Trust XIII(and the guarantee related thereto)5.63%Fixed to Floating Rate Preferred Hybrid Income Term SecuritiesBAC/PGNew York Stock Exchange of BAC Capital Trust XIV(and the guarantee related thereto)Income Capital Obligation Notes

10、initially due December 15,2066 ofMER PrKNew York Stock ExchangeBank of America CorporationSenior Medium-Term Notes,Series A,Step Up Callable Notes,dueBAC/31BNew York Stock Exchange November 28,2031 of BofA Finance LLC(and the guaranteeof the Registrant with respect thereto)Depositary Shares,each rep

11、resenting a 1/1,000th interest in a share ofBAC PrMNew York Stock Exchange 5.375%Non-Cumulative Preferred Stock,Series KKDepositary Shares,each representing a 1/1,000th interest in a shareBAC PrNNew York Stock Exchangeof 5.000%Non-Cumulative Preferred Stock,Series LLDepositary Shares,each representi

12、ng a 1/1,000th interest in a share ofBAC PrONew York Stock Exchange4.375%Non-Cumulative Preferred Stock,Series NNDepositary Shares,each representing a 1/1,000th interest in a share ofBAC PrPNew York Stock Exchange4.125%Non-Cumulative Preferred Stock,Series PPDepositary Shares,each representing a 1/1

13、,000th interest in a share ofBAC PrQNew York Stock Exchange4.250%Non-Cumulative Preferred Stock,Series QQDepositary Shares,each representing a 1/1,000th interest in a shareBAC PrSNew York Stock Exchangeof 4.750%Non-Cumulative Preferred Stock,Series SSIndicate by check mark whether the registrant(1)h

14、as filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months(or for such shorter period that the registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90 days.Yes No Indica

15、te by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during the preceding 12 months(or for such shorter period that the registrant was required to submit such files).Ye

16、s No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerging growth company.See the definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth c

17、ompany”in Rule12b-2 of the Exchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company Emerging growth company If an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any n

18、ew or revised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant is a shell company(as defined in Exchange Act Rule 12b-2).Yes No On October28,2024,there were 7,672,879,599 shares of Bank of America Corporation Common St

19、ock outstanding.Bank of America Corporation and SubsidiariesSeptember30,2024 Form 10-QINDEXPartI.Financial InformationItem 1.Financial StatementsPageConsolidated Statement of Income50Consolidated Statement of Comprehensive Income50Consolidated Balance Sheet51Consolidated Statement of Changes in Shar

20、eholders Equity52Consolidated Statement of Cash Flows53Notes to Consolidated Financial Statements54Note 1 Summary of Significant Accounting Principles54Note 2 Net Interest Income and Noninterest Income55Note 3 Derivatives56Note 4 Securities64Note 5 Outstanding Loans and Leases and Allowance for Cred

21、it Losses67Note 6 Securitizations and Other Variable Interest Entities78Note 7 Goodwill and Intangible Assets82Note 8 Leases82Note 9 Securities Financing Agreements,Collateral and Restricted Cash83Note 10 Commitments and Contingencies84Note 11 Shareholders Equity87Note 12 Accumulated Other Comprehen

22、sive Income(Loss)88Note 13 Earnings Per Common Share89Note 14 Fair Value Measurements89Note 15 Fair Value Option96Note 16 Fair Value of Financial Instruments98Note 17 Business Segment Information98Glossary 103Acronyms105Item 2.Managements Discussion and Analysis of Financial Condition and Results of

23、 OperationsExecutive Summary3Recent Developments3Financial Highlights4Supplemental Financial Data6Business Segment Operations10Consumer Banking10Global Wealth&Investment Management14Global Banking16Global Markets18All Other20Managing Risk21Capital Management21Liquidity Risk25Credit Risk Management29

24、Consumer Portfolio Credit Risk Management29Commercial Portfolio Credit Risk Management34Non-U.S.Portfolio40Allowance for Credit Losses41Market Risk Management43Trading Risk Management43Interest Rate Risk Management for the Banking Book45Mortgage Banking Risk Management47Climate Risk47Complex Account

25、ing Estimates48Non-GAAP Reconciliations49Item 3.Quantitative and Qualitative Disclosures about Market Risk49Item 4.Controls and Procedures491 Bank of AmericaPartII.Other InformationItem 1.Legal Proceedings106Item 1A.Risk Factors106Item 2.Unregistered Sales of Equity Securities and Use of Proceeds106

26、Item 5.Other Information106Item 6.Exhibits107Signature107Item 2.Managements Discussion and Analysis of Financial Condition and Results of OperationsBank of America Corporation(the“Corporation”)and its management may make certain statements that constitute“forward-looking statements”within the meanin

27、g of the Private Securities Litigation Reform Act of 1995.These statements can be identified by the fact that they do not relate strictly to historical or current facts.Forward-looking statements often use words such as“anticipates,”“targets,”“expects,”“hopes,”“estimates,”“intends,”“plans,”“goals,”“

28、believes,”“continue”and other similar expressions or future or conditional verbs such as“will,”“may,”“might,”“should,”“would”and“could.”Forward-looking statements represent the Corporations current expectations,plans or forecasts of its future results,revenues,liquidity,net interest income,provision

29、 for credit losses,expenses,efficiency ratio,capital measures,strategy,deposits,assets,and future business and economic conditions more generally,and other future matters.These statements are not guarantees of future results or performance and involve certain known and unknown risks,uncertainties an

30、d assumptions that are difficult to predict and are often beyond the Corporations control.Actual outcomes and results may differ materially from those expressed in,or implied by,any of these forward-looking statements.You should not place undue reliance on any forward-looking statement and should co

31、nsider the following uncertainties and risks,as well as the risks and uncertainties more fully discussed under Item 1A.Risk Factors of the Corporations 2023 Annual Report on Form 10-K and in any of the Corporations subsequent Securities and Exchange Commission filings:the Corporations potential judg

32、ments,orders,settlements,penalties,fines and reputational damage,which are inherently difficult to predict,resulting from pending,threatened or future litigation and regulatory investigations,proceedings and enforcement actions,of which the Corporation is subject to in the ordinary course of busines

33、s,including matters related to our processing of unemployment benefits for California and certain other states,the features of our automatic credit card payment service,the adequacy of the Corporations anti-money laundering and economic sanctions programs,the processing of electronic payments and re

34、lated fraud and the rates paid on uninvested cash in investment advisory accounts that is swept into interest-paying bank deposits,which are in various stages;the possibility that the Corporations future liabilities may be in excess of its recorded liability and estimated range of possible loss for

35、litigation,and regulatory and government actions;the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations;the Corporations ability to resolve representations and warranties repurchase and related claims;the risks related to the di

36、scontinuation of reference rates,including increased expenses and litigation and the effectiveness of hedging strategies;uncertainties about the financial stability and growth rates of non-U.S.jurisdictions,the risk that those jurisdictions may face difficulties servicing their sovereign debt,and re

37、lated stresses on financial markets,currencies and trade,and the Corporations exposures to such risks,including direct,indirect and operational;the impact of U.S.and global interest rates(including the potential for ongoing reductions in interest rates),inflation,currency exchange rates,economic con

38、ditions,trade policies and tensions,including tariffs,and potential geopolitical instability;the impact of the interest rate,inflationary,macroeconomic,banking and regulatory environment on the Corporations assets,business,financial condition and results of operations;the impact of adverse developme

39、nts affecting the U.S.or global banking industry,including bank failures and liquidity concerns,resulting in worsening economic and market volatility,and regulatory responses thereto;the possibility that future credit losses may be higher than currently expected due to changes in economic assumption

40、s,customer behavior,adverse developments with respect to U.S.or global economic conditions and other uncertainties,including the impact of supply chain disruptions,inflationary pressures and labor shortages on economic conditions and our business;potential losses related to the Corporations concentr

41、ation of credit risk;the Corporations ability to achieve its expense targets and expectations regarding revenue,net interest income,provision for credit losses,net charge-offs,effective tax rate,loan growth or other projections;variances to the underlying assumptions and judgments used in estimating

42、 banking book net interest income sensitivity;adverse changes to the Corporations credit ratings from the major credit rating agencies;an inability to access capital markets or maintain deposits or borrowing costs;estimates of the fair value and other accounting values,subject to impairment assessme

43、nts,of certain of the Corporations assets and liabilities;the estimated or actual impact of changes in accounting standards or assumptions in applying those standards;uncertainty regarding the content,timing and impact of regulatory capital and liquidity requirements;the impact of adverse changes to

44、 total loss-absorbing capacity requirements,stress capital buffer requirements and/or global systemically important bank surcharges;the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporations capital plans;the effect of changes in or interpretations of

45、 income tax laws and regulations;the impact of implementation and compliance with U.S.and international laws,regulations and regulatory interpretations,including,but not limited to,recovery and resolution planning requirements,Federal Deposit Insurance Corporation assessments,the Volcker Rule,fiduci

46、ary standards,derivatives regulations and potential changes to loss allocations between financial institutions and customers,including for losses incurred from the use of our products and services,including electronic payments and payment of checks,that were authorized by the customer but induced by

47、 fraud;the impact of failures or disruptions in or breaches of the Corporations operations or information systems,or those of third parties,including as a result of cybersecurity incidents;the risks related to the development,implementation,use and management of emerging technologies,including artif

48、icial intelligence and machine learning;the risks related to the transition and physical impacts of climate change;our ability to achieve environmental,social and governance goals and commitments or the impact of any changes in the Corporations sustainability strategy or commitments generally;the im

49、pact of Bank of America 2uncertain or changing political conditions or any future federal government shutdown and uncertainty regarding the federal governments debt limit or changes in fiscal,monetary or regulatory policy;the emergence or continuation of widespread health emergencies or pandemics;th

50、e impact of natural disasters,extreme weather events,military conflicts(including the Russia/Ukraine conflict,the conflict in the Middle East,the possible expansion of such conflicts and potential geopolitical consequences),terrorism or other geopolitical events;and other matters.Forward-looking sta

51、tements speak only as of the date they are made,and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.Notes to the Consolidated Financial Statements referr

52、ed to in Managements Discussion and Analysis of Financial Condition and Results of Operations(MD&A)are incorporated by reference into the MD&A.Certain prior-period amounts have been reclassified to conform to current-period presentation.Throughout the MD&A,the Corporation uses certain acronyms and a

53、bbreviations which are defined in the Glossary.Executive SummaryBusiness OverviewThe Corporation is a Delaware corporation,a bank holding company(BHC)and a financial holding company.When used in this report,“Bank of America,”“the Corporation,”“we,”“us”and“our”may refer to Bank of America Corporation

54、 individually,Bank of America Corporation and its subsidiaries,or certain of Bank of America Corporations subsidiaries or affiliates.Our principal executive offices are located in Charlotte,North Carolina.Through our various bank and nonbank subsidiaries throughout the U.S.and in international marke

55、ts,we provide a diversified range of banking and nonbank financial services and products through four business segments:Consumer Banking,Global Wealth&Investment Management(GWIM),Global Banking and Global Markets,with the remaining operations recorded in All Other.We operate our banking activities p

56、rimarily under the Bank of America,National Association(Bank of America,N.A.or BANA)charter.At September30,2024,the Corporation had$3.3 trillion in assets and a headcount of approximately 213,000 employees.As of September 30,2024,we served clients through operations across the U.S.,its territories a

57、nd more than 35 countries.Our retail banking footprint covers all major markets in the U.S.,and we serve approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers,approximately 15,000 ATMs,and leading digital banking platforms()with approximately

58、48 million active users,including approximately 40 million active mobile users.We offer industry-leading support to approximately four million small business households.Our GWIM businesses,with client balances of$4.2 trillion,provide tailored solutions to meet client needs through a full set of inve

59、stment management,brokerage,banking,trust and retirement products.We are a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations,governments,institutions and individuals around the world.The Corporations website is ,and the Investor

60、Relations portion of our website is https:/.We use our website to distribute company information,including as a means of disclosing material,non-public information and for complying with our disclosure obligations under Regulation FD.We routinely post and make accessible financial and other informat

61、ion,including environmental,social and governance(ESG)information,regarding the Corporation on our website.Investors should monitor our website,including the Investor Relations portion,in addition to our press releases,U.S.Securities and Exchange Commission(SEC)filings,public conference calls and we

62、bcasts.Notwithstanding the foregoing,the information contained on our website as referenced in this paragraph is not incorporated by reference into this Quarterly Report on Form 10-Q.Recent DevelopmentsCapital ManagementIn June 2024,the Board of Governors of the Federal Reserve System(Federal Reserv

63、e)announced the results of the 2024 Comprehensive Capital Analysis and Review(CCAR)supervisory stress tests,which included preliminary stress capital buffers(SCBs)that were finalized in August 2024.Based on the results,our SCB increased to 3.2 percent from 2.5 percent,resulting in a minimum Common e

64、quity tier 1(CET1)capital ratio requirement of 10.7 percent effective October 1,2024.As of September 30,2024,our CET1 capital ratio was 11.8 percent under the Standardized approach.On July 24,2024,the Corporations Board of Directors(the Board)authorized a$25 billion common stock repurchase program,e

65、ffective August 1,2024,which replaced the Corporations previous repurchase program.For more information,see Capital Management CCAR and Capital Planning on page 21.On October 16,2024,the Board declared a quarterly common stock dividend of$0.26 per share,payable on December 27,2024 to shareholders of

66、 record as of December 6,2024.For more information on our capital resources and regulatory developments,see Capital Management beginning on page 21.3 Bank of AmericaFinancial HighlightsTable 1 Summary Income Statement and Selected Financial DataThree Months Ended September 30Nine Months Ended Septem

67、ber 30(Dollars in millions,except per share information)2024202320242023Income statementNet interest income$13,967$14,379$41,701$42,985 Noninterest income 11,378 10,788 34,839 33,637 Total revenue,net of interest expense 25,345 25,167 76,540 76,622 Provision for credit losses 1,542 1,234 4,369 3,290

68、 Noninterest expense 16,479 15,838 50,025 48,114 Incomebefore income taxes 7,324 8,095 22,146 25,218 Income tax expense 428 293 1,679 1,847 Net income 6,896 7,802 20,467 23,371 Preferred stock dividends 516 532 1,363 1,343 Net incomeapplicable to common shareholders$6,380$7,270$19,104$22,028 Per com

69、mon share informationEarnings$0.82$0.91$2.42$2.74 Diluted earnings 0.81 0.90 2.40 2.72 Dividends paid 0.26 0.24 0.74 0.68 Performance ratiosReturn on average assets(1)0.83%0.99%0.84%1.00%Return on average common shareholders equity(1)9.44 11.24 9.59 11.63 Return on average tangible common shareholde

70、rs equity(2)12.76 15.47 13.02 16.09 Efficiency ratio(1)65.02 62.93 65.36 62.79 September 30 2024December 31 2023Balance sheetTotal loans and leases$1,075,800$1,053,732 Total assets 3,324,293 3,180,151 Total deposits 1,930,352 1,923,827 Total liabilities 3,027,781 2,888,505 Total common shareholders

71、equity 271,958 263,249 Total shareholders equity 296,512 291,646(1)For definitions,see Key Metrics on page 104.(2)Return on average tangible common shareholders equity is a non-GAAP financial measure.For more information and a corresponding reconciliation to the most directly comparable financial me

72、asures defined by accounting principles generally accepted in the United States of America(GAAP),see Non-GAAP Reconciliations on page 49.Net income was$6.9 billion and$20.5 billion,or$0.81 and$2.40 per diluted share,for the three and nine months ended September 30,2024 compared to$7.8 billion and$23

73、.4 billion,or$0.90 and$2.72 per diluted share,for the same periods in 2023.The decrease in net income was primarily due to higher noninterest expense and provision for credit losses.Total assets increased$144.1 billion from December 31,2023 to$3.3 trillion primarily driven by higher trading account

74、assets and higher securities borrowed or purchased under agreements to resell to support Global Markets client activity,as well as commercial loan growth.Total liabilities increased$139.3 billion from December31,2023 to$3.0 trillion primarily driven by higher securities loaned or sold under agreemen

75、ts to repurchase to support Global Markets client activity.Shareholders equity increased$4.9 billion from December 31,2023 to$296.5 billion primarily due to net income and market value increases on derivatives,partially offset by returns of capital to shareholders through common stock repurchases,co

76、mmon and preferred stock dividends,and preferred stock redemptions.Net Interest IncomeNet interest income decreased$412 million to$14.0 billion and$1.3 billion to$41.7 billion for the three and nine months ended September 30,2024 compared to the same periods in 2023.Net interest yield on a fully tax

77、able-equivalent(FTE)basis decreased 19 basis points(bps)to 1.92 percent and 17 bps to 1.95 percent for the same periods.The decreases were primarily driven by higher deposit costs,partially offset by higher asset yields and higher net interest income related to Global Markets activity.For more infor

78、mation on net interest yield and FTE basis,see Supplemental Financial Data on page 6,and for more information on interest rate risk management,see Interest Rate Risk Management for the Banking Book on page 45.Bank of America 4Noninterest IncomeTable 2 Noninterest IncomeThree Months Ended September 3

79、0Nine Months Ended September 30(Dollars in millions)2024202320242023Fees and commissions:Card income$1,618$1,520$4,662$4,535 Service charges 1,552 1,464 4,501 4,238 Investment and brokerage services 4,546 3,963 13,053 11,654 Investment banking fees 1,403 1,188 4,532 3,563 Total fees and commissions

80、9,119 8,135 26,748 23,990 Market making and similar activities 3,278 3,325 10,464 11,734 Other income(1,019)(672)(2,373)(2,087)Total noninterest income$11,378$10,788$34,839$33,637 Noninterest income increased$590 million to$11.4 billion and$1.2 billion to$34.8 billion for the three and nine months e

81、nded September 30,2024 compared to the same periods in 2023.The following highlights the significant changes.Service charges increased$88 million and$263 million primarily driven by higher treasury service charges.Investment and brokerage services increased$583 million and$1.4 billion primarily driv

82、en by higher asset management fees due to higher average equity market valuations and positive assets under management(AUM)flows,as well as higher brokerage fees due to increased transactional volume,partially offset by the impact of lower AUM pricing.Investment banking fees increased$215 million fo

83、r the three-month period primarily due to higher debt issuance fees.Investment banking fees for the nine-month period increased$969 million primarily due to higher debt and equity issuance fees.Market making and similar activities decreased$1.3 billion for the nine-month period primarily driven by l

84、ower trading revenue from macro products in Fixed Income,Currencies and Commodities(FICC).Other income decreased$347 million and$286 million primarily driven by a charge of$189 million related to Visas increase in its litigation escrow account.The decrease in the nine-month period was also driven by

85、 higher partnership losses on tax credit investments and certain negative valuation adjustments,partially offset by lower losses on sales of available-for-sale debt securities.Provision for Credit LossesThe provision for credit losses increased$308 million to$1.5 billion and$1.1 billion to$4.4 billi

86、on for the three and nine months ended September 30,2024 compared to the same periods in 2023.The provision for credit losses for the current-year periods was primarily driven by credit card loans and the commercial real estate office portfolio.For more information on the provision for credit losses

87、,see Allowance for Credit Losses on page 41.Noninterest ExpenseTable 3 Noninterest ExpenseThree Months Ended September 30Nine Months Ended September 30(Dollars in millions)2024202320242023Compensation and benefits$9,916$9,551$29,937$28,870 Occupancy and equipment 1,836 1,795 5,465 5,370 Information

88、processing and communications 1,784 1,676 5,347 5,017 Product delivery and transaction related 849 880 2,591 2,726 Marketing 504 501 1,446 1,472 Professional fees 723 545 1,925 1,609 Other general operating 867 890 3,314 3,050 Total noninterest expense$16,479$15,838$50,025$48,114 Noninterest expense

89、 increased$641 million to$16.5 billion and$1.9 billion to$50.0 billion for the three and nine months ended September 30,2024 compared to the same periods in 2023.The increases in both periods were primarily driven by higher revenue-related compensation and continued investments in the business,inclu

90、ding people and technology,partially offset by lower expense related to a liquidating business activity.The increase in the nine-month period also included the additional accrual of$700 million for the Federal Deposit Insurance Corporation(FDIC)special assessment recorded in the first quarter of 202

91、4.5 Bank of AmericaIncome Tax ExpenseTable 4 Income Tax ExpenseThree Months Ended September 30Nine Months Ended September 30(Dollars in millions)2024202320242023Income before income taxes$7,324$8,095$22,146$25,218 Income tax expense 428 293 1,679 1,847 Effective tax rate 5.8%3.6%7.6%7.3%The effectiv

92、e tax rates for the three and nine months ended September 30,2024 and 2023 were primarily driven by our recurring tax preference benefits that mainly consist of tax credits from investments in affordable housing and renewable energy.Also included in the effective tax rate for the nine months ended S

93、eptember 30,2024 was the discrete benefit from the$700 million charge recorded in the first quarter for the FDIC special assessment.Absent the tax credits and discrete tax benefits,the effective tax rates would have been approximately 24 percent and 25 percent for the three months ended September 30

94、,2024 and 2023 and 25 percent and 26 percent for the nine months ended September 30,2024 and 2023.Supplemental Financial DataNon-GAAP Financial MeasuresIn this Quarterly Report on Form 10-Q,we present certain non-GAAP financial measures.Non-GAAP financial measures exclude certain items or otherwise

95、include components that differ from the most directly comparable measures calculated in accordance with GAAP.Non-GAAP financial measures are provided as additional useful information to assess our financial condition,results of operations(including period-to-period operating performance)or complianc

96、e with prospective regulatory requirements.These non-GAAP financial measures are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP financial measures used by other companies.When presented on a consolidated basis,we view net intere

97、st income on an FTE basis as a non-GAAP financial measure.To derive the FTE basis,net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense.For purposes of this calculation,we use the federal statutory tax rate

98、of 21 percent and a representative state tax rate.Net interest yield,which measures the basis points we earn over the cost of funds,utilizes net interest income on an FTE basis.We believe that presentation of these items on an FTE basis allows for comparison of amounts from both taxable and tax-exem

99、pt sources and is consistent with industry practices.We may present certain key performance indicators and ratios excluding certain items(e.g.,debit valuation adjustment(DVA)gains(losses),which result in non-GAAP financial measures.We believe that the presentation of measures that exclude these item

100、s is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance.We also evaluate our business based on certain ratios that utilize tangible equity,a

101、 non-GAAP financial measure.Tangible equity represents shareholders equity or common shareholders equity reduced by goodwill and intangible assets(excluding mortgage servicing rights(MSRs),net of related deferred tax liabilities(“adjusted”shareholders equity or common shareholders equity).These meas

102、ures are used to evaluate our use of equity.In addition,profitability,relationship and investment models use both return on average tangible common shareholders equity and return on average tangible shareholders equity as key measures to support our overall growth objectives.These ratios are:Return

103、on average tangible common shareholders equity measures our net income applicable to common shareholders as a percentage of adjusted average common shareholders equity.The tangible common equity ratio represents adjusted ending common shareholders equity divided by total tangible assets.Return on av

104、erage tangible shareholders equity measures our net income as a percentage of adjusted average total shareholders equity.The tangible equity ratio represents adjusted ending shareholders equity divided by total tangible assets.Tangible book value per common share represents adjusted ending common sh

105、areholders equity divided by ending common shares outstanding.We believe ratios utilizing tangible equity provide additional useful information because they present measures of those assets that can generate income.Tangible book value per common share provides additional useful information about the

106、 level of tangible assets in relation to outstanding shares of common stock.The aforementioned supplemental data and performance measures are presented in Table 5 on page 7.For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures,se

107、e Non-GAAP Reconciliations on page 49.Key Performance IndicatorsWe present certain key financial and nonfinancial performance indicators(key performance indicators)that management uses when assessing our consolidated and/or segment results.We believe they are useful to investors because they provide

108、 additional information about our underlying operational performance and trends.These key performance indicators(KPIs)may not be defined or calculated in the same way as similar KPIs used by other companies.For information on how these metrics are defined,see Key Metrics on page 104.Our consolidated

109、 key performance indicators,which include various equity and credit metrics,are presented in Table 1 on page 4 and Table 5 on page 7.For information on key segment performance metrics,see Business Segment Operations on page 10.Bank of America 6Table 5 Selected Financial DataNine Months EndedSeptembe

110、r 302024 Quarters2023 Quarters(In millions,except per share information)ThirdSecondFirstFourthThird20242023Income statementNet interest income$13,967$13,702$14,032$13,946$14,379$41,701$42,985 Noninterest income 11,378 11,675 11,786 8,013 10,788 34,839 33,637 Total revenue,net of interest expense 25,

111、345 25,377 25,818 21,959 25,167 76,540 76,622 Provision for credit losses 1,542 1,508 1,319 1,104 1,234 4,369 3,290 Noninterest expense 16,479 16,309 17,237 17,731 15,838 50,025 48,114 Income before income taxes 7,324 7,560 7,262 3,124 8,095 22,146 25,218 Income tax expense 428 663 588 (20)293 1,679

112、 1,847 Net income 6,896 6,897 6,674 3,144 7,802 20,467 23,371 Net income applicable to common shareholders 6,380 6,582 6,142 2,838 7,270 19,104 22,028 Average common shares issued and outstanding 7,818.0 7,897.9 7,968.2 7,990.9 8,017.1 7,894.7 8,041.3 Average diluted common shares issued and outstan

113、ding 7,902.1 7,960.9 8,031.4 8,062.5 8,075.9 7,965.0 8,153.4 Performance ratiosReturn on average assets(1)0.83%0.85%0.83%0.39%0.99%0.84%1.00%Four-quarter trailing return on average assets(2)0.72 0.76 0.78 0.84 0.98 n/an/aReturn on average common shareholders equity(1)9.44 9.98 9.35 4.33 11.24 9.59 1

114、1.63 Return on average tangible common shareholders equity(3)12.76 13.57 12.73 5.92 15.47 13.02 16.09 Return on average shareholders equity(1)9.30 9.45 9.18 4.32 10.86 9.31 11.10 Return on average tangible shareholders equity(3)12.20 12.42 12.07 5.71 14.41 12.23 14.78 Total ending equity to total en

115、ding assets 8.92 9.02 8.97 9.17 9.10 8.92 9.10 Common equity ratio(1)8.18 8.21 8.10 8.28 8.20 8.18 8.20 Total average equity to total average assets 8.95 8.96 9.01 8.98 9.11 8.97 8.99 Dividend payout(1)31.70 28.66 31.11 67.42 26.39 30.46 24.78 Per common share dataEarnings$0.82$0.83$0.77$0.36$0.91$2

116、.42$2.74 Diluted earnings 0.81 0.83 0.76 0.35 0.90 2.40 2.72 Dividends paid 0.26 0.24 0.24 0.24 0.24 0.74 0.68 Book value(1)35.37 34.39 33.71 33.34 32.65 35.37 32.65 Tangible book value(3)26.25 25.37 24.79 24.46 23.79 26.25 23.79 Market capitalization$305,090$309,202$298,312$265,840$216,942$305,090$

117、216,942 Average balance sheetTotal loans and leases$1,059,728$1,051,472$1,047,890$1,050,705$1,046,254 Total assets 3,296,171 3,274,988 3,247,159 3,213,159 3,128,466 Total deposits 1,920,748 1,909,925 1,907,462 1,905,011 1,876,153 Long-term debt 247,338 243,689 254,782 256,262 245,819 Common sharehol

118、ders equity 269,001 265,290 264,114 260,221 256,578 Total shareholders equity 294,985 293,403 292,511 288,618 284,975 Asset quality Allowance for credit losses(4)$14,351$14,342$14,371$14,551$14,640 Nonperforming loans,leases and foreclosed properties(5)5,824 5,691 6,034 5,630 4,993 Allowance for loa

119、n and lease losses as a percentage of total loans and leases outstanding(5)1.24%1.26%1.26%1.27%1.27%Allowance for loan and lease losses as a percentage of total nonperforming loans and leases(5)235 242 225 243 275 Net charge-offs$1,534$1,533$1,498$1,192$931 Annualized net charge-offs as a percentage

120、 of average loans and leases outstanding(5)0.58%0.59%0.58%0.45%0.35%Capital ratios at period end(6)Common equity tier 1 capital 11.8%11.9%11.9%11.8%11.9%Tier1 capital 13.2 13.5 13.6 13.5 13.6 Total capital 14.9 15.1 15.2 15.2 15.4 Tier1 leverage 6.9 7.0 7.1 7.1 7.3 Supplementary leverage ratio 5.9 6

121、.0 6.0 6.1 6.2 Tangible equity(3)7.0 7.0 7.0 7.1 7.0 Tangible common equity(3)6.2 6.2 6.1 6.2 6.1 Total loss-absorbing capacity and long-term debt metrics Total loss-absorbing capacity to risk-weighted assets 27.4%28.2%28.7%29.0%29.3%Total loss-absorbing capacity to supplementary leverage exposure 1

122、2.2 12.5 12.8 13.0 13.3 Eligible long-term debt to risk-weighted assets 13.3 13.7 14.2 14.5 14.8 Eligible long-term debt to supplementary leverage exposure 6.0 6.0 6.3 6.5 6.7(1)For definitions,see Key Metrics on page 104.(2)Calculated as total net income for four consecutive quarters divided by ann

123、ualized average assets for four consecutive quarters.(3)Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures.For more information on these ratios and corresponding reconciliations to GAAP financial measures,see Supplemental Financial Data on page6

124、and Non-GAAP Reconciliations on page 49.(4)Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.(5)Balances and ratios do not include loans accounted for under the fair value option.For additional exclusions from nonperforming loans,leases and foreclosed

125、properties,see Consumer Portfolio Credit Risk Management Nonperforming Consumer Loans,Leases and Foreclosed Properties Activity on page34 and corresponding Table 25 and Commercial Portfolio Credit Risk Management Nonperforming Commercial Loans,Leases and Foreclosed Properties Activity on page38 and

126、corresponding Table 31.(6)For more information,including which approach is used to assess capital adequacy,see Capital Management on page 21.n/a=not applicable7 Bank of AmericaTable 6 Quarterly Average Balances and Interest Rates-FTE BasisAverageBalanceInterestIncome/Expense(1)Yield/RateAverageBalan

127、ceInterestIncome/Expense(1)Yield/Rate(Dollars in millions)Third Quarter 2024Third Quarter 2023Earning assetsInterest-bearing deposits with the Federal Reserve,non-U.S.central banks and other banks$320,781$4,129 5.12%$353,183$4,613 5.18%Time deposits placed and other short-term investments 10,031 108

128、 4.29 8,629 113 5.20 Federal funds sold and securities borrowed or purchased under agreements to resell 323,119 5,196 6.40 287,403 4,888 6.75 Trading account assets 214,980 2,749 5.09 191,283 2,244 4.66 Debt securities 883,562 6,859 3.08 752,569 4,685 2.47 Loans and leases(2)Residential mortgage 227

129、,800 1,872 3.29 229,001 1,745 3.04 Home equity 25,664 418 6.48 25,661 390 6.04 Credit card 99,908 2,924 11.64 98,049 2,727 11.03 Direct/Indirectand other consumer 104,732 1,512 5.74 104,134 1,354 5.16 Total consumer 458,104 6,726 5.85 456,845 6,216 5.41 U.S.commercial 391,728 5,358 5.44 377,728 5,06

130、1 5.32 Non-U.S.commercial 125,377 2,222 7.05 123,781 2,088 6.69 Commercial real estate(3)69,404 1,275 7.31 74,088 1,364 7.30 Commercial lease financing 15,115 201 5.30 13,812 166 4.79 Total commercial 601,624 9,056 5.99 589,409 8,679 5.84 Total loans and leases 1,059,728 15,782 5.93 1,046,254 14,895

131、 5.65 Other earning assets 105,496 2,815 10.62 99,378 2,339 9.35 Total earning assets 2,917,697 37,638 5.14 2,738,699 33,777 4.90 Cash and due from banks 23,435 25,772 Other assets,less allowance for loan and lease losses 355,039 363,995 Total assets$3,296,171$3,128,466 Interest-bearing liabilitiesU

132、.S.interest-bearing depositsDemand and money market deposits$943,550$5,497 2.32%$942,368$4,304 1.81%Time and savings deposits 359,631 3,473 3.84 271,425 2,149 3.14 Total U.S.interest-bearing deposits 1,303,181 8,970 2.74 1,213,793 6,453 2.11 Non-U.S.interest-bearing deposits 110,527 1,155 4.16 97,09

133、5 887 3.63 Total interest-bearing deposits 1,413,708 10,125 2.85 1,310,888 7,340 2.22 Federal funds purchased and securities loaned or sold under agreements to repurchase 383,334 6,193 6.43 294,878 5,342 7.19 Short-term borrowings and other interest-bearing liabilities 147,579 2,747 7.41 140,513 2,2

134、87 6.45 Trading account liabilities 52,973 538 4.04 48,084 510 4.21 Long-term debt 247,338 3,921 6.32 245,819 3,766 6.10 Total interest-bearing liabilities 2,244,932 23,524 4.17 2,040,182 19,245 3.75 Noninterest-bearing sourcesNoninterest-bearing deposits 507,040 565,265 Other liabilities(4)249,214

135、238,044 Shareholders equity 294,985 284,975 Total liabilities and shareholders equity$3,296,171$3,128,466 Net interest spread 0.97%1.15%Impact of noninterest-bearing sources 0.95 0.96 Net interest income/yield on earning assets(5)$14,114 1.92%$14,532 2.11%(1)Includes the impact of interest rate risk

136、 management contracts.For more information,see Interest Rate Risk Management for the Banking Book on page45.(2)Nonperforming loans are included in the respective average loan balances.Income on these nonperforming loans is generally recognized on a cost recovery basis.(3)Includes U.S.commercial real

137、 estate loans of$63.1 billion and$67.9 billion,and non-U.S.commercial real estate loans of$6.3 billion and$6.2 billion for the third quarter of 2024 and 2023.(4)Includes$49.5 billion and$41.1 billion of structured notes and liabilities for the third quarter of 2024 and 2023.(5)Net interest income in

138、cludes FTE adjustments of$147 million and$153 million for the third quarter of 2024 and 2023.Bank of America 8Table 7 Year-to-Date Average Balances and Interest Rates-FTE BasisAverageBalanceInterestIncome/Expense(1)Yield/RateAverageBalanceInterestIncome/Expense(1)Yield/RateNine Months Ended Septembe

139、r 30(Dollars in millions)20242023Earning assetsInterest-bearing deposits with the Federal Reserve,non-U.S.central banks and other banks$337,495$13,158 5.21%$305,526$10,915 4.78%Time deposits placed and other short-term investments 10,200 347 4.54 10,153 350 4.61 Federal funds sold and securities bor

140、rowed or purchased under agreements to resell 315,468 15,530 6.58 289,823 13,555 6.25 Trading account assets 206,609 7,773 5.02 187,481 6,375 4.54 Debt securities 859,578 19,373 3.00 791,339 14,887 2.50 Loans and leases(2)Residential mortgage 227,705 5,499 3.22 229,010 5,133 2.99 Home equity 25,572

141、1,213 6.33 26,041 1,060 5.44 Credit card 99,570 8,535 11.45 94,775 7,658 10.80 Direct/Indirect and other consumer 103,934 4,339 5.58 104,896 3,814 4.86 Total consumer 456,781 19,586 5.73 454,722 17,665 5.19 U.S.commercial 385,864 15,861 5.49 377,873 14,318 5.07 Non-U.S.commercial 124,501 6,562 7.04

142、125,525 5,815 6.19 Commercial real estate(3)70,906 3,871 7.29 72,927 3,811 6.99 Commercial lease financing 15,003 597 5.31 13,709 462 4.50 Total commercial 596,274 26,891 6.02 590,034 24,406 5.53 Total loans and leases 1,053,055 46,477 5.89 1,044,756 42,071 5.38 Other earning assets 106,437 8,437 10

143、.59 98,857 6,902 9.33 Total earning assets 2,888,842 111,095 5.14 2,727,935 95,055 4.66 Cash and due from banks 23,941 26,544 Other assets,less allowance for loan and lease losses 360,073 378,936 Total assets$3,272,856$3,133,415 Interest-bearing liabilitiesU.S.interest-bearing depositsDemand and mon

144、ey market deposits$947,112$15,743 2.22%$956,165$10,659 1.49%Time and savings deposits 344,750 9,863 3.82 233,079 4,520 2.59 Total U.S.interest-bearing deposits 1,291,862 25,606 2.65 1,189,244 15,179 1.71 Non-U.S.interest-bearing deposits 107,144 3,312 4.13 95,187 2,260 3.17 Total interest-bearing de

145、posits 1,399,006 28,918 2.76 1,284,431 17,439 1.82 Federal funds purchased,securities loaned or sold under agreements to repurchase 368,459 18,390 6.67 291,349 14,700 6.75 Short-term borrowings and other interest-bearing liabilities 147,138 8,155 7.40 153,653 7,464 6.49 Trading account liabilities 5

146、2,876 1,624 4.10 45,675 1,486 4.35 Long-term debt 248,597 11,842 6.36 246,357 10,559 5.72 Total interest-bearing liabilities 2,216,076 68,929 4.15 2,021,465 51,648 3.41 Noninterest-bearing sourcesNoninterest-bearing deposits 513,735 597,224 Other liabilities(4)249,407 233,147 Shareholders equity 293

147、,638 281,579 Total liabilities and shareholders equity$3,272,856$3,133,415 Net interest spread 0.99%1.25%Impact of noninterest-bearing sources 0.96 0.87 Net interest income/yield on earning assets(5)$42,166 1.95%$43,407 2.12%(1)Includes the impact of interest rate risk management contracts.For more

148、information,see Interest Rate Risk Management for the Banking Book on page45.(2)Nonperforming loans are included in the respective average loan balances.Income on these nonperforming loans is generally recognized on a cost recovery basis.(3)Includes U.S.commercial real estate loans of$64.9 billion a

149、nd$67.2 billion,and non-U.S.commercial real estate loans of$6.0 billion and$5.8 billion for the nine months ended September 30,2024 and 2023.(4)Includes$46.7 billion and$39.5 billion of structured notes and liabilities for the nine months ended September 30,2024 and 2023.(5)Net interest income inclu

150、des FTE adjustments of$465 million and$422 million for the nine months ended September 30,2024 and 2023.9 Bank of AmericaBusiness Segment OperationsSegment Description and Basis of PresentationWe report our results of operations through four business segments:Consumer Banking,GWIM,Global Banking and

151、 Global Markets,with the remaining operations recorded in All Other.We manage our segments and report their results on an FTE basis.For more information,see Business Segment Operations in the MD&A of the Corporations 2023 Annual Report on Form 10-K.We periodically review capital allocated to our bus

152、inesses and allocate capital annually during the strategic and capital planning processes.We utilize a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models.The capital allocated to the business segments is referred to as allocated

153、 capital.Allocated equity in the reporting units is comprised of allocated capital plus capital for the portion of goodwill and intangibles specifically assigned to the reporting unit.For more information,including the definition of a reporting unit,see Note 7 Goodwill and Intangible Assets to the C

154、onsolidated Financial Statements.For more information on our presentation of financial information on an FTE basis,see Supplemental Financial Data on page 6,and for reconciliations to consolidated total revenue,net income and period-end total assets,see Note 17 Business Segment Information to the Co

155、nsolidated Financial Statements.Key Performance IndicatorsWe present certain key financial and nonfinancial performance indicators that management uses when evaluating segment results.We believe they are useful to investors because they provide additional information about our segments operational p

156、erformance,client trends and business growth.Consumer BankingDepositsConsumer LendingTotal Consumer BankingThree Months Ended September 30(Dollars in millions)202420232024202320242023%ChangeNet interest income$5,271$5,571$3,007$2,820$8,278$8,391 (1)%Noninterest income:Card income(10)(11)1,412 1,336

157、1,402 1,325 6 Service charges 630 605 1 631 605 4 All other income 91 116 16 35 107 151 (29)Total noninterest income 711 710 1,429 1,371 2,140 2,081 3 Total revenue,net of interest expense 5,982 6,281 4,436 4,191 10,418 10,472 (1)Provision for credit losses 57 128 1,245 1,269 1,302 1,397 (7)Noninter

158、est expense 3,433 3,240 2,101 2,016 5,534 5,256 5 Income before income taxes 2,492 2,913 1,090 906 3,582 3,819 (6)Income tax expense 622 729 273 226 895 955 (6)Net income$1,870$2,184$817$680$2,687$2,864 (6)Effective tax rate(1)25.0%25.0%Net interest yield 2.24%2.26%3.86%3.65%3.35%3.26%Return on aver

159、age allocated capital 54 63 11 10 25 27 Efficiency ratio 57.39 51.60 47.37 48.06 53.12 50.18 Balance SheetThree Months Ended September 30Average202420232024202320242023%ChangeTotal loans and leases$4,383$4,139$309,398$306,622$313,781$310,761 1%Total earning assets(2)935,946 975,968 309,563 306,982 9

160、82,058 1,019,980 (4)Total assets(2)968,192 1,009,390 314,344 312,731 1,019,085 1,059,152 (4)Total deposits 933,227 974,674 5,137 5,377 938,364 980,051 (4)Allocated capital 13,700 13,700 29,550 28,300 43,250 42,000 3(1)Estimated at the segment level only.(2)In segments and businesses where the total

161、of liabilities and equity exceeds assets,we allocate assets from All Other to match the segments and businesses liabilities and allocated shareholders equity.As a result,total earning assets and total assets of the businesses may not equal total Consumer Banking.Bank of America 10DepositsConsumer Le

162、ndingTotal Consumer BankingNine Months Ended September 30(Dollars in millions)202420232024202320242023%ChangeNet interest income$15,760$17,120$8,833$8,301$24,593$25,421 (3)%Noninterest income:Card income(30)(31)4,065 3,971 4,035 3,940 2 Service charges 1,821 1,727 2 2 1,823 1,729 5 All other income

163、288 490 51 122 339 612 (45)Total noninterest income 2,079 2,186 4,118 4,095 6,197 6,281 (1)Total revenue,net of interest expense 17,839 19,306 12,951 12,396 30,790 31,702 (3)Provision for credit losses 207 414 3,526 3,339 3,733 3,753 (1)Noninterest expense 10,196 10,082 6,277 6,100 16,473 16,182 2 I

164、ncome before income taxes 7,436 8,810 3,148 2,957 10,584 11,767 (10)Income tax expense 1,859 2,203 787 739 2,646 2,942 (10)Net income$5,577$6,607$2,361$2,218$7,938$8,825 (10)Effective tax rate(1)25.0%25.0%Net interest yield 2.23%2.29%3.82%3.66%3.32%3.26%Return on average allocated capital 54 64 11 1

165、1 25 28 Efficiency ratio 57.16 52.23 48.47 49.21 53.50 51.05 Balance SheetNine Months Ended September 30Average202420232024202320242023%ChangeTotal loans and leases$4,308$4,113$308,719$302,978$313,027$307,091 2%Total earning assets(2)944,277 1,000,143 308,867 303,266 989,944 1,043,476 (5)Total asset

166、s(2)976,752 1,033,618 313,739 309,435 1,027,291 1,083,120 (5)Total deposits 941,780 998,947 4,860 5,094 946,640 1,004,041 (6)Allocated capital 13,700 13,700 29,550 28,300 43,250 42,000 3 Period endSeptember 302024December 312023September 302024December 312023September 302024December 312023%ChangeTot

167、al loans and leases$4,492$4,218$311,605$310,901$316,097$315,119%Total earning assets(2)942,038 965,088 311,805 311,008 988,856 1,009,360 (2)Total assets(2)974,614 999,372 316,667 317,194 1,026,293 1,049,830 (2)Total deposits 939,050 964,136 5,308 5,436 944,358 969,572 (3)See page 10 for footnotes.Co

168、nsumer Banking,comprised of Deposits and Consumer Lending,offers a diversified range of credit,banking and investment products and services to consumers and small businesses.For more information about Consumer Banking,see Business Segment Operations in the MD&A of the Corporations 2023 Annual Report

169、 on Form 10-K.Consumer Banking ResultsThree-Month ComparisonNet income for Consumer Banking decreased$177 million to$2.7 billion due to higher noninterest expense and lower revenue,partially offset by lower provision for credit losses.Net interest income decreased$113 million to$8.3 billion primaril

170、y driven by lower deposit balances,partially offset by higher loan balances.Noninterest income increased$59 million to$2.1 billion,primarily due to higher card income.The provision for credit losses decreased$95 million to$1.3 billion primarily driven by overall improvement in consumer activities.No

171、ninterest expense increased$278 million to$5.5 billion,primarily driven by investments in the business,including people and technology.The return on average allocated capital was 25 percent,down from 27 percent,due to an increase in allocated capital and lower net income.For information on capital a

172、llocated to the business segments,see Business Segment Operations on page 10.Nine-Month ComparisonNet income for Consumer Banking decreased$887 million to$7.9 billion primarily due to lower revenue and higher noninterest expense.Net interest income decreased$828 million to$24.6 billion primarily due

173、 to the same factors as described in the three-month discussion.Noninterest income decreased$84 million to$6.2 billion,primarily due to lower other income driven by the allocation of asset and liability management(ALM)results,partially offset by higher card income and service charges.The provision f

174、or credit losses decreased$20 million to$3.7 billion,relatively unchanged from the same period a year ago.Noninterest expense increased$291 million to$16.5 billion,primarily due to the same factor as described in the three-month discussion.The return on average allocated capital was 25 percent,down

175、from 28 percent,primarily due to the same factors as described in the three-month discussion.DepositsThree-Month ComparisonNet income for Deposits decreased$315 million to$1.9 billion primarily due to lower revenue and higher noninterest expense.Net interest income decreased$300 million to$5.3 billi

176、on primarily driven by lower deposit balances.Noninterest income was$711 million,relatively unchanged from the same period a year ago.11 Bank of AmericaNoninterest expense increased$193 million to$3.4 billion,primarily driven by investments in the business,including people and technology.Average dep

177、osits decreased$41.4 billion to$933.2 billion primarily due to net outflows of$48.6 billion in money market savings and$19.8 billion in checking,partially offset by growth in time deposits of$35.6 billion.Nine-Month ComparisonNet income for Deposits decreased$1.0 billion to$5.6 billion primarily due

178、 to lower revenue.Net interest income decreased$1.4 billion to$15.8 billion primarily due to the same factor as described in the three-month discussion.Noninterest income decreased$107 million to$2.1 billion primarily driven by the allocation of ALM results,partially offset by higher service charges

179、.The provision for credit losses decreased$207 million to$207 million primarily driven by lower overdraft losses from fraud activity.Noninterest expense increased$114 million to$10.2 billion primarily due to the same factor as described in the three-month discussion.Average deposits decreased$57.2 b

180、illion to$941.8 billion primarily due to net outflows of$61.0 billion in money market savings and$26.0 billion in checking,partially offset by growth in time deposits of$39.7 billion.The table below provides key performance indicators for Deposits.Management uses these metrics,and we believe they ar

181、e useful to investors because they provide additional information to evaluate our deposit profitability and digital/mobile trends.Key Statistics DepositsThree Months Ended September 30Nine Months Ended September 302024202320242023Total deposit spreads(excludes noninterest costs)(1)2.81%2.76%2.76%2.6

182、6%Period endConsumer investment assets(in millions)(2)$496,582$387,467 Active digital banking users(in thousands)(3)47,830 45,797 Active mobile banking users(in thousands)(4)39,638 37,487 Financial centers 3,741 3,862 ATMs 14,900 15,253(1)Includes deposits held in Consumer Lending.(2)Includes client

183、 brokerage assets,deposit sweep balances,Bank of America,N.A.brokered CDs and AUM in Consumer Banking.(3)Represents mobile and/or online active users over the past 90 days.(4)Represents mobile active users over the past 90 days.Consumer investment assets increased$109.1 billion from September30,2023

184、 to$496.6 billion at September30,2024 driven by market performance and positive net client flows.Active mobile banking users increased approximately twomillion,reflecting continuing changes in our clients banking preferences.Since September 30,2023,we have had a net decrease of 121 financial centers

185、 and 353 ATMs as we continue to optimize our consumer banking network.Consumer LendingThree-Month ComparisonNet income for Consumer Lending increased$137 million to$817 million primarily due to higher revenue,partially offset by higher noninterest expense.Net interest income increased$187 million to

186、$3.0 billion primarily due to higher loan balances.Noninterest income increased$58 million to$1.4 billion,primarily driven by higher card income.The provision for credit losses decreased$24 million to$1.2 billion,relatively unchanged from the same period a year ago.Noninterest expense increased$85 m

187、illion to$2.1 billion,primarily driven by investments in the business,including people and technology.Average loans increased$2.8 billion to$309.4 billion driven by increases in credit card,small business and consumer vehicle loans.Nine-Month ComparisonNet income for Consumer Lending increased$143 m

188、illion to$2.4 billion driven by higher revenue,partially offset by higher provision for credit losses and higher noninterest expense.Net interest income increased$532 million to$8.8 billion primarily due to the same factor as described in the three-month discussion.Noninterest income increased$23 mi

189、llion to$4.1 billion,relatively unchanged from the same period a year ago.The provision for credit losses increased$187 million to$3.5 billion primarily driven by credit card loans.Noninterest expense increased$177 million to$6.3 billion,primarily due to the same factor as described in the three-mon

190、th discussion.Average loans increased$5.7 billion to$308.7 billion primarily driven by the same factors as described in the three-month discussion.The following table provides key performance indicators for Consumer Lending.Management uses these metrics,and we believe they are useful to investors be

191、cause they provide additional information about loan growth and profitability.Bank of America 12Key Statistics Consumer LendingThree Months Ended September 30Nine Months Ended September 30(Dollars in millions)2024202320242023Total credit card(1)Gross interest yield(2)12.49%12.03%12.35%11.85%Risk-adj

192、usted margin(3)7.22 7.70 6.93 8.06 New accounts(in thousands)970 1,062 2,919 3,386 Purchase volumes$92,592$91,711$272,899$270,358 Debit card purchase volumes$139,352$133,553$412,105$390,891(1)Includes GWIMs credit card portfolio.(2)Calculated as the effective annual percentage rate divided by averag

193、e loans.(3)Calculated as the difference between total revenue,net of interest expense,and net credit losses divided by average loans.During the three months ended September 30,2024,the total risk-adjusted margin decreased 48 bps primarily driven by higher net credit losses,partially offset by higher

194、 interest margin and higher net fee income.During the nine months ended September 30,2024,the total risk-adjusted margin decreased 113 bps primarily driven by higher net credit losses and lower net fee income,partially offset by higher net interest margin.During the three and nine months ended Septe

195、mber 30,2024,total credit card purchase volumes increased$881 million and$2.5 billion,and debit card purchase volumes increased$5.8 billion and$21.2 billion,reflecting higher levels of consumer spending.Key Statistics Loan Production(1)Three Months Ended September 30Nine Months Ended September 30(Do

196、llars in millions)2024202320242023Consumer Banking:First mortgage$2,684$2,547$7,068$7,392 Home equity 1,897 2,035 5,524 6,389 Total(2):First mortgage$5,348$5,596$14,519$15,473 Home equity 2,289 2,421 6,573 7,559(1)The loan production amounts represent the unpaid principal balance of loans and,in the

197、 case of home equity,the principal amount of the total line of credit.(2)In addition to loan production in Consumer Banking,there is also first mortgage and home equity loan production in GWIM.First mortgage loan originations for Consumer Banking increased$137 million during the three months ended S

198、eptember 30,2024 primarily driven by increased refinancing activity due to lower interest rates.First mortgage loan originations for the total Corporation decreased$248 million during the three months ended September 30,2024 primarily driven by lower demand in GWIM,partially offset by higher demand

199、in Consumer Banking.During the nine months ended September 30,2024,first mortgage loan originations for Consumer Banking and the total Corporation decreased$324 million and$954 million primarily driven by lower demand.Home equity production in Consumer Banking and the total Corporation decreased$138

200、 million and$132 million during the three months ended September 30,2024 primarily driven by lower demand.During the nine months ended September 30,2024,home equity production in Consumer Banking and the total Corporation decreased$865 million and$986 million primarily driven by lower demand.13 Bank

201、 of AmericaGlobal Wealth&Investment ManagementThree Months Ended September 30Nine Months Ended September 30(Dollars in millions)20242023%Change20242023%ChangeNet interest income$1,709$1,755 (3)%$5,216$5,436 (4)%Noninterest income:Investment and brokerage services 3,874 3,396 14 11,181 9,885 13 All o

202、ther income 179 170 5 530 557 (5)Total noninterest income 4,053 3,566 14 11,711 10,442 12 Total revenue,net of interest expense 5,762 5,321 8 16,927 15,878 7 Provision for credit losses 7 (6)n/m 1 32 (97)Noninterest expense 4,340 3,950 10 12,803 11,942 7 Income before income taxes 1,415 1,377 3 4,12

203、3 3,904 6 Income tax expense 354 344 3 1,031 976 6 Net income$1,061$1,033 3$3,092$2,928 6 Effective tax rate 25.0%25.0%25.0%25.0%Net interest yield 2.20 2.16 2.19 2.19 Return on average allocated capital 23 22 22 21 Efficiency ratio 75.32 74.28 75.64 75.21 Balance SheetThree Months Ended September 3

204、0Nine Months Ended September 30Average20242023%Change20242023%ChangeTotal loans and leases$225,355$218,569 3%$222,260$219,530 1%Total earning assets 309,231 322,032 (4)318,026 331,738 (4)Total assets 322,924 335,124 (4)331,635 344,709 (4)Total deposits 279,999 291,770 (4)288,319 300,308 (4)Allocated

205、 capital 18,500 18,500 18,500 18,500 Period endSeptember 302024December 312023%ChangeTotal loans and leases$227,318$219,657 3%Total earning assets 314,594 330,653 (5)Total assets 328,831 344,626 (5)Total deposits 283,432 299,657 (5)n/m=not meaningfulGWIM consists of two primary businesses:Merrill We

206、alth Management and Bank of America Private Bank.For additional information on GWIM,see Business Segment Operations in the MD&A of the Corporations 2023 Annual Report on Form 10-K.Three-Month ComparisonNet income for GWIM increased$28 million to$1.1 billion primarily due to higher revenue,largely of

207、fset by higher noninterest expense.The operating margin was 25 percent compared to 26 percent a year ago.Net interest income decreased$46 million to$1.7 billion,relatively unchanged from the same period a year ago.Noninterest income,which primarily includes investment and brokerage services income,i

208、ncreased$487 million to$4.1 billion.The increase was primarily driven by higher asset management fees due to higher average equity market valuations and positive AUM flows,as well as higher brokerage fees due to increased transactional volume,partially offset by the impact of lower AUM pricing.Nonin

209、terest expense increased$390 million to$4.3 billion primarily due to higher revenue-related incentives.The return on average allocated capital was 23 percent,up from 22 percent,due to higher net income.For information on capital allocated to the business segments,see Business Segment Operations on p

210、age 10.Average loans increased$6.8 billion to$225.4 billion primarily driven by custom lending and residential mortgage.Average deposits decreased$11.8 billion to$280.0 billion primarily driven by clients moving deposits to higher yielding investment cash alternatives,including offerings on our inve

211、stment and brokerage platforms.Merrill Wealth Management revenue of$4.8 billion increased nine percent primarily driven by higher asset management fees due to the impact of higher average equity market valuations and positive AUM flows,as well as higher brokerage fees due to increased transactional

212、volume.Bank of America Private Bank revenue of$973 million increased five percent primarily driven by higher asset management fees due to the impact of higher average equity market valuations and the impact of positive AUM flows.Nine-Month ComparisonNet income for GWIM increased$164 million to$3.1 b

213、illion primarily due to higher revenue,partially offset by higher noninterest expense.The operating margin was 24 percent compared to 25 percent a year ago.Net interest income decreased$220 million to$5.2 billion primarily due to lower average deposit balances.Noninterest income,which primarily incl

214、udes investment and brokerage services income,increased$1.3 billion to$11.7 billion due to the same factors as described in the three-month discussion.Bank of America 14Noninterest expense increased$861 million to$12.8 billion due to the same factor as described in the three-month discussion.The ret

215、urn on average allocated capital was 22 percent,up from 21 percent,due to the same factor as described in the three-month discussion.Average loans increased$2.7 billion to$222.3 billion primarily due to the same factors as described in the three-month discussion.Average deposits decreased$12.0 billi

216、on to$288.3 billion due to the same factors as described in the three-month discussion.Merrill Wealth Management revenue of$14.1 billion increased seven percent primarily driven by the same factors as described in the three-month discussion.Bank of America Private Bank revenue of$2.9 billion increas

217、ed five percent primarily driven by the same factors as described in the three-month discussion.Key Indicators and MetricsThree Months Ended September 30Nine Months Ended September 30(Dollars in millions)2024202320242023Revenue by BusinessMerrill Wealth Management$4,789$4,398$14,059$13,135 Bank of A

218、merica Private Bank 973 923 2,868 2,743 Total revenue,net of interest expense$5,762$5,321$16,927$15,878 Client Balances by Business,at period end Merrill Wealth Management$3,527,319$2,978,229 Bank of America Private Bank 666,622 572,624 Total client balances$4,193,941$3,550,853 Client Balances by Ty

219、pe,at period endAssets under management$1,861,124$1,496,601 Brokerage and other assets 1,856,806 1,578,123 Deposits 283,432 290,732 Loans and leases(1)230,062 221,684 Less:Managed deposits in assets under management(37,483)(36,287)Total client balances$4,193,941$3,550,853 Assets Under Management Rol

220、lforwardAssets under management,beginning of period$1,758,875$1,531,042$1,617,740$1,401,474 Net client flows 21,289 14,226 56,734 43,784 Market valuation/other 80,960 (48,667)186,650 51,343 Total assets under management,end of period$1,861,124$1,496,601$1,861,124$1,496,601(1)Includes margin receivab

221、les,which are classified in customer and other receivables on the Consolidated Balance Sheet.Client BalancesClient balances increased$643.1 billion,or 18 percent,to$4.2 trillion at September30,2024 compared to September30,2023.The increase in client balances was primarily due to the impact of higher

222、 market valuations and positive net client flows.15 Bank of AmericaGlobal BankingThree Months Ended September 30Nine Months Ended September 30(Dollars in millions)20242023%Change20242023%ChangeNet interest income$3,230$3,613 (11)%$9,965$11,210 (11)%Noninterest income:Service charges 802 754 6 2,327

223、2,203 6 Investment banking fees 783 743 5 2,468 2,129 16 All other income 1,019 1,093 (7)3,107 3,326 (7)Total noninterest income 2,604 2,590 1 7,902 7,658 3 Total revenue,net of interest expense 5,834 6,203 (6)17,867 18,868 (5)Provision for credit losses 229 (119)n/m 693 (347)n/mNoninterest expense

224、2,991 2,804 7 8,902 8,563 4 Income before income taxes 2,614 3,518 (26)8,272 10,652 (22)Income tax expense 719 950 (24)2,275 2,876 (21)Net income$1,895$2,568 (26)$5,997$7,776 (23)Effective tax rate 27.5%27.0%27.5%27.0%Net interest yield 2.22 2.68 2.36 2.84 Return on average allocated capital 15 21 1

225、6 21 Efficiency ratio 51.27 45.22 49.82 45.38 Balance SheetThree Months Ended September 30Nine Months Ended September 30Average20242023%Change20242023%ChangeTotal loans and leases$371,216$376,214 (1)%$372,516$380,076 (2)%Total earning assets 578,988 534,153 8 563,649 528,205 7 Total assets 647,541 6

226、01,378 8 631,659 595,329 6 Total deposits 549,629 504,432 9 533,620 498,224 7 Allocated capital 49,250 49,250 49,250 49,250 Period endSeptember 302024December 31 2023%ChangeTotal loans and leases$375,159$373,891%Total earning assets 583,742 552,453 6 Total assets 650,936 621,751 5 Total deposits 556

227、,953 527,060 6 n/m=not meaningfulGlobal Banking,which includes Global Corporate Banking,Global Commercial Banking,Business Banking and Global Investment Banking,provides a wide range of lending-related products and services,integrated working capital management and treasury solutions,and underwritin

228、g and advisory services through our network of global offices and client relationship teams.For more information about Global Banking,see Business Segment Operations in the MD&A of the Corporations 2023 Annual Report on Form 10-K.Three-Month ComparisonNet income for Global Banking decreased$673 mill

229、ion to$1.9 billion driven by lower revenue,higher provision for credit losses and higher noninterest expense.Net interest income decreased$383 million to$3.2 billion primarily due to the impact of interest rates,partially offset by the benefit of higher average deposit balances.Noninterest income wa

230、s$2.6 billion,relatively unchanged from the same period a year ago.The provision for credit losses increased$348 million to$229 million primarily driven by the commercial and industrial portfolio,as well as the commercial real estate office portfolio.Noninterest expense increased$187 million to$3.0

231、billion due to continued investments in the business,including people and technology.The return on average allocated capital was 15 percent,down from 21 percent,due to lower net income.For information on capital allocated to the business segments,see Business Segment Operations on page 10.Nine-Month

232、 ComparisonNet income for Global Banking decreased$1.8 billion to$6.0 billion driven by higher provision for credit losses,lower revenue and higher noninterest expense.Net interest income decreased$1.2 billion to$10.0 billion primarily due to the same factors as described in the three-month discussi

233、on.Noninterest income increased$244 million to$7.9 billion due to higher investment banking fees and treasury service charges,partially offset by lower leasing-related revenue.The provision for credit losses increased$1.0 billion to$693 million primarily driven by the commercial real estate office p

234、ortfolio compared to a benefit in the prior year due to certain improved macroeconomic conditions.Noninterest expense increased$339 million to$8.9 billion primarily due to continued investment in the business,including people and technology,and higher regulatory costs.The return on average allocated

235、 capital was 16 percent,down from 21 percent,due to lower net income.Bank of America 16Global Corporate,Global Commercial and Business BankingThe following table and discussion present a summary of the results,which exclude certain investment banking and other activities in Global Banking.Global Cor

236、porate,Global Commercial and Business Banking Global Corporate BankingGlobal Commercial BankingBusiness BankingTotalThree Months Ended September 30(Dollars in millions)20242023202420232024202320242023RevenueBusiness Lending$1,102$1,300$1,246$1,262$57$61$2,405$2,623 Global Transaction Services 1,243

237、1,392 968 998 369 379 2,580 2,769 Total revenue,net of interest expense$2,345$2,692$2,214$2,260$426$440$4,985$5,392 Balance SheetAverageTotal loans and leases$162,053$169,384$196,681$194,604$12,373$12,071$371,107$376,059 Total deposits 301,070 272,007 195,475 182,040 53,084 50,381 549,629 504,428 Gl

238、obal Corporate BankingGlobal Commercial BankingBusiness BankingTotalNine Months Ended September 30(Dollars in millions)20242023202420232024202320242023RevenueBusiness Lending$3,427$3,693$3,773$3,765$174$191$7,374$7,649 Global Transaction Services 3,839 4,424 2,876 3,172 1,092 1,161 7,807 8,757 Total

239、 revenue,net of interest expense$7,266$8,117$6,649$6,937$1,266$1,352$15,181$16,406 Balance SheetAverageTotal loans and leases$163,122$172,964$196,953$194,496$12,315$12,397$372,390$379,857 Total deposits 292,967 266,425 189,415 180,850 51,238 50,951 533,620 498,226 Period endTotal loans and leases$16

240、5,142$166,974$197,583$194,318$12,333$11,932$375,058$373,224 Total deposits 305,000 266,481 198,482 179,914 53,471 48,537 556,953 494,932 Business Lending revenue decreased$218 million for the three months ended September 30,2024 compared to the same period a year ago primarily driven by the impact o

241、f interest rates and lower leasing-related revenue.Business lending revenue decreased$275 million for the nine months ended September 30,2024 compared to the same period a year ago primarily driven by same factors as described in the three-month discussion.Global Transaction Services revenue decreas

242、ed$189 million for the three months ended September 30,2024 primarily driven by the impact of interest rates,partially offset by the benefit of higher average deposit balances and treasury service charges.Global Transaction Services revenue decreased$950 million for the nine months ended September 3

243、0,2024 primarily driven by the same factors as described in the three-month discussion.Average loans and leases of$371.1 billion decreased one percent for the three months ended September 30,2024,and average loans and leases of$372.4 billion decreased two percent for the nine months ended September

244、30,2024 due to lower client demand.Average deposits of$549.6 billion increased nine percent for the three months ended September 30,2024,and average deposits of$533.6 billion increased seven percent for the nine months ended September 30,2024 due to growth in both domestic and international balances

245、.Global Investment BankingClient teams and product specialists underwrite and distribute debt,equity and loan products,and provide advisory services and tailored risk management solutions.The economics of certain investment banking and underwriting activities are shared primarily between Global Bank

246、ing and Global Markets under an internal revenue-sharing arrangement.Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets.To provide a complete discussion of our consolidated investment banking fees,

247、the table below presents total Corporation investment banking fees and the portion attributable to Global Banking.17 Bank of AmericaInvestment Banking FeesGlobal BankingTotal CorporationGlobal BankingTotal CorporationThree Months Ended September 30Nine Months Ended September 30(Dollars in millions)2

248、0242023202420232024202320242023ProductsAdvisory$351$396$387$448$990$1,042$1,134$1,186 Debt issuance 332 255 780 570 1,078 808 2,545 1,814 Equity issuance 100 92 270 232 400 279 990 687 Gross investment banking fees 783 743 1,437 1,250 2,468 2,129 4,669 3,687 Self-led deals(6)(19)(34)(62)(24)(39)(137

249、)(124)Total investment banking fees$777$724$1,403$1,188$2,444$2,090$4,532$3,563 Total Corporation investment banking fees,which exclude self-led deals and are primarily included within Global Banking and Global Markets,were$1.4 billion and$4.5 billion for the three and nine months ended September 30

250、,2024.The three-month period increased 18 percent compared to the same period in 2023 primarily due to higher debt issuance fees.The nine-month period increased 27 percent compared to the same period in 2023 primarily due to higher debt and equity issuance fees.Global MarketsThree Months Ended Septe

251、mber 30Nine Months Ended September 30(Dollars in millions)20242023%Change20242023%ChangeNet interest income$898$674 33%$2,349$1,080 118%Noninterest income:Investment and brokerage services 562 475 18 1,573 1,507 4 Investment banking fees 589 463 27 2,016 1,435 40 Market making and similar activities

252、 3,349 3,195 5 10,397 11,002 (5)All other income 232 135 72 637 415 53 Total noninterest income 4,732 4,268 11 14,623 14,359 2 Total revenue,net of interest expense 5,630 4,942 14 16,972 15,439 10 Provision for credit losses 7 (14)n/m(42)(71)n/mNoninterest expense 3,443 3,235 6 10,421 9,935 5 Income

253、 before income taxes 2,180 1,721 27 6,593 5,575 18 Income tax expense 632 473 34 1,912 1,533 25 Net income$1,548$1,248 24$4,681$4,042 16 Effective tax rate 29.0%27.5%29.0%27.5%Return on average allocated capital 14 11 14 12 Efficiency ratio 61.17 65.47 61.40 64.35 Balance SheetThree Months Ended Sep

254、tember 30Nine Months Ended September 30Average20242023%Change20242023%ChangeTrading-related assets:Trading account securities$325,236$307,990 6%$323,223$321,607 1%Reverse repurchases 150,751 135,401 11 141,611 133,912 6 Securities borrowed 133,588 119,936 11 136,040 118,912 14 Derivative assets 36,0

255、32 46,417 (22)37,551 44,477 (16)Total trading-related assets 645,607 609,744 6 638,425 618,908 3 Total loans and leases 140,806 131,298 7 136,572 128,317 6 Total earning assets 728,186 655,971 11 709,208 647,386 10 Total assets 924,093 863,653 7 909,386 870,366 4 Total deposits 34,952 31,890 10 33,1

256、67 33,725 (2)Allocated capital 45,500 45,500 45,500 45,500 Period endSeptember 302024December 312023%ChangeTotal trading-related assets$653,798$542,544 21%Total loans and leases 148,447 136,223 9 Total earning assets 742,221 637,955 16 Total assets 958,227 817,588 17 Total deposits 35,142 34,833 1 n

257、/m=not meaningfulBank of America 18Global Markets offers sales and trading services and research services to institutional clients across fixed-income,credit,currency,commodity and equity businesses.Global Markets product coverage includes securities and derivative products in both the primary and s

258、econdary markets.For more information about Global Markets,see Business Segment Operations in the MD&A of the Corporations 2023 Annual Report on Form 10-K.The following explanations for period-over-period changes in results for Global Markets,including those disclosed under Sales and Trading Revenue

259、,are the same for amounts including and excluding net DVA.Amounts excluding net DVA are a non-GAAP financial measure.For more information on net DVA,see Supplemental Financial Data on page 6.Three-Month ComparisonNet income for Global Markets increased$300 million to$1.5 billion for the three months

260、 ended September 30,2024 compared to the same period in 2023.Net DVA losses totaled$8 million compared to$16 million in 2023.Excluding net DVA,net income increased$294 million to$1.6 billion.These increases were primarily driven by higher revenue,partially offset by higher noninterest expense.Revenu

261、e increased$688 million to$5.6 billion primarily due to higher sales and trading revenue and investment banking fees.Sales and trading revenue increased$525 million,and excluding net DVA,increased$517 million.These increases were driven by higher revenue in both Equities and FICC.Noninterest expense

262、 increased$208 million to$3.4 billion,primarily driven by revenue-related expenses and continued investments in the business,including technology.Average total assets increased$60.4 billion to$924.1 billion for the three months ended September 30,2024 compared to the same period in 2023 driven by in

263、creased securities financing activity,higher levels of inventory and loan growth.The return on average allocated capital was 14 percent,up from 11 percent in the same period a year ago,reflecting higher net income.For information on capital allocated to the business segments,see Business Segment Ope

264、rations on page 10.Nine-Month ComparisonNet income for Global Markets increased$639 million to$4.7 billion for the nine months ended September 30,2024 compared to the same period in 2023.Net DVA losses were$94 million compared to$104 million in 2023.Excluding net DVA,net income increased$631 million

265、 to$4.8 billion.These increases were primarily driven by higher revenue,partially offset by higher noninterest expense.Revenue increased$1.5 billion to$17.0 billion primarily due to the same factors as described in the three-month discussion.Sales and trading revenue increased$944 million,and exclud

266、ing net DVA,sales and trading revenue increased$934 million.These increases were driven by the same factors as described in the three-month discussion.Noninterest expense increased$486 million to$10.4 billion,driven by the same factors as described in the three-month discussion.Average total assets

267、increased$39.0 billion to$909.4 billion,and period-end total assets increased$140.6 billion from December31,2023 to$958.2 billion.The increases were driven by the same factors as described in the three-month discussion.The return on average allocated capital was 14 percent,up from 12 percent in the

268、same period a year ago,reflecting higher net income.Sales and Trading RevenueFor a description of sales and trading revenue,see Business Segment Operations in the MD&A of the Corporations 2023 Annual Report on Form 10-K.The following table and related discussion present sales and trading revenue,sub

269、stantially all of which is in Global Markets,with the remainder in Global Banking.In addition,the following table and related discussion also present sales and trading revenue,excluding net DVA,which is a non-GAAP financial measure.For more information on net DVA,see Supplemental Financial Data on p

270、age 6.Sales and Trading Revenue(1,2,3)Three Months Ended September 30Nine Months Ended September 30(Dollars in millions)2024202320242023Sales and trading revenue(2)Fixed-income,currencies and commodities$2,934$2,710$8,907$8,817 Equities 1,996 1,695 5,794 4,940 Total sales and trading revenue$4,930$4

271、,405$14,701$13,757 Sales and trading revenue,excluding net DVA(4)Fixed-income,currencies and commodities$2,942$2,723$8,986$8,916 Equities 1,996 1,698 5,809 4,945 Total sales and trading revenue,excluding net DVA$4,938$4,421$14,795$13,861(1)For more information on sales and trading revenue,see Note 3

272、 Derivatives to the Consolidated Financial Statements.(2)Includes FTE adjustments of$262 million and$553 million for the three and nine months ended September 30,2024 compared to$109 million and$285 million for the same periods in 2023.(3)Includes Global Banking sales and trading revenue of$165 mill

273、ion and$495 million for the three and nine months ended September 30,2024 compared to$133 million and$464 million for the same periods in 2023.(4)FICC and Equities sales and trading revenue,excluding net DVA,is a non-GAAP financial measure.FICC net DVA gains(losses)were$(8)million and$(79)million fo

274、r the three and nine months ended September 30,2024 compared to$(13)million and$(99)million for the same periods in 2023.Equities net DVA gains(losses)were$0 and$(15)million for the three and nine months ended September 30,2024 compared to$(3)million and$(5)million for the same periods in 2023.19 Ba

275、nk of AmericaThree-Month ComparisonIncluding and excluding net DVA,FICC revenue increased$224 million and$219 million for the three months ended September 30,2024 compared to the same period in 2023.The increases were driven by improved client activity and trading performance in foreign exchange and

276、 interest rate products.Including and excluding net DVA,Equities revenue increased$301 million and$298 million driven by strong client activity and trading performance in cash and derivatives.Nine-Month ComparisonIncluding and excluding net DVA,FICC revenue increased$90 million and$70 million for th

277、e nine months ended September 30,2024 compared to the same period in 2023 driven by improved trading in mortgages,partially offset by a weaker trading environment for interest rate products.Including and excluding net DVA,Equities revenue increased$854 million and$864 million driven by the same fact

278、ors as described in the three-month discussion.All OtherThree Months Ended September 30Nine Months Ended September 30(Dollars in millions)20242023%Change20242023%ChangeNet interest income$(1)$99 (101)%$43$260 (83)%Noninterest income(loss)(2,151)(1,717)25 (5,594)(5,103)10 Total revenue,net of interes

279、t expense(2,152)(1,618)33 (5,551)(4,843)15 Provision for credit losses(3)(24)(88)(16)(77)(79)Noninterest expense 171 593 (71)1,426 1,492 (4)Loss before income taxes(2,320)(2,187)6 (6,961)(6,258)11 Income tax benefit(2,025)(2,276)(11)(5,720)(6,058)(6)Net loss$(295)$89 n/m$(1,241)$(200)n/mBalance Shee

280、tThree Months Ended September 30Nine Months Ended September 30Average20242023%Change20242023%ChangeTotal loans and leases$8,570$9,412 (9)%$8,680$9,742 (11)%Total assets(1)382,528 269,159 42 372,885 239,891 55 Total deposits 117,804 68,010 73 110,995 45,357 145 Period endSeptember 302024December 3120

281、23%ChangeTotal loans and leases$8,779$8,842 (1)%Total assets(1)360,006 346,356 4 Total deposits 110,467 92,705 19(1)In segments where the total of liabilities and equity exceeds assets,which are generally deposit-taking segments,we allocate assets from All Other to those segments to match liabilitie

282、s(i.e.,deposits)and allocated shareholders equity.Average allocated assets were$944.4 billion and$948.0 billion for the three and nine months ended September 30,2024 compared to$955.7 billion and$981.8 billion for the same periods in 2023,and period-end allocated assets were$953.6 billion and$972.9

283、billion at September30,2024 and December31,2023.n/m=not meaningfulAll Other primarily consists of ALM activities,liquidating businesses and certain expenses not otherwise allocated to a business segment.ALM activities encompass interest rate and foreign currency risk management activities for which

284、substantially all of the results are allocated to our business segments.For more information on our ALM activities,see Note 17 Business Segment Information to the Consolidated Financial Statements.Three-Month ComparisonResults for All Other decreased$384 million to a net loss of$295 million compared

285、 to net income of$89 million for the same period a year ago,reflecting lower revenue and income tax benefit,partially offset by lower noninterest expense.Revenue decreased$534 million to a net loss of$2.2 billion primarily due to a charge of$189 million related to Visas increase in its litigation es

286、crow account and certain negative valuation adjustments.Noninterest expense decreased$422 million to$171 million primarily due to lower expenses related to a liquidating business activity and lower technology expenses.The income tax benefit decreased$251 million to$2.0 billion due to lower tax prefe

287、rence benefits primarily related to tax credit investment activity.Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking and Global Markets.Nine-Month ComparisonThe net loss in All Other increased$1.0 billion to$1.2 bill

288、ion primarily due to lower revenue and income tax benefit.Revenue decreased$708 million to a net loss of$5.6 billion primarily due to the same factors as described in the three-month discussion and higher partnership losses on tax credit investments.The income tax benefit decreased$338 million to$5.

289、7 billion primarily due the same factor as described in the three-month discussion.Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking and Global Markets.Bank of America 20Managing RiskRisk is inherent in all our busin

290、ess activities.The seven key types of risk faced by the Corporation are strategic,credit,market,liquidity,compliance,operational and reputational.Sound risk management enables us to serve our customers and deliver for our shareholders.If not managed well,risk can result in financial loss,regulatory

291、sanctions and penalties,and damage to our reputation,each of which may adversely impact our ability to execute our business strategies.We take a comprehensive approach to risk management with a defined Risk Framework and an articulated Risk Appetite Statement,which are approved annually by the Enter

292、prise Risk Committee(ERC)and the Board.Our Risk Framework serves as the foundation for the consistent and effective management of risks facing the Corporation.The Risk Framework sets forth roles and responsibilities for the management of risk and provides a blueprint for how the Board,through delega

293、tion of authority to committees and executive officers,establishes risk appetite and associated limits for our activities.Our risk appetite provides a common framework that includes a set of measures to assist senior management and the Board in assessing the Corporations risk profile across all risk

294、 types against our risk appetite and risk capacity.Our risk appetite is formally articulated in the Risk Appetite Statement,which includes both qualitative statements and quantitative limits.For more information on the Corporations risks,see Item 1A.Risk Factors of the Corporations 2023 Annual Repor

295、t on Form 10-K.These risks are being managed within our Risk Framework and supporting risk management programs.For more information on our Risk Framework,risk management activities and the key types of risk faced by the Corporation,see the Managing Risk section in the MD&A of the Corporations 2023 A

296、nnual Report on Form 10-K.Capital ManagementThe Corporation manages its capital position so that its capital is more than adequate to support its business activities and aligns with risk,risk appetite and strategic planning.For more information,see Capital Management in the MD&A of the Corporations

297、2023 Annual Report on Form 10-K.CCAR and Capital PlanningThe Federal Reserve requires BHCs to submit a capital plan and planned capital actions on an annual basis,consistent with the rules governing capital planning and the SCB requirement,which include supervisory stress testing by the Federal Rese

298、rve.Based on the results of our 2024 CCAR stress test,our SCB increased to 3.2 percent from 2.5 percent,resulting in a CET1 minimum requirement of 10.7 percent.The new SCB is effective from October 1,2024 through September 30,2025.In October 2021,the Board authorized the repurchase of up to$25 billi

299、on of common stock over time.This authorization was modified in September 2023 to include common stock repurchases to offset shares awarded under the Corporations equity-based compensation plans when determining the remaining repurchase authority.On July 24,2024,the Board authorized a$25 billion com

300、mon stock repurchase program,effective August 1,2024,which replaced the Corporations previous program that expired on August 1,2024.Pursuant to Board authorizations,during the three months ended September 30,2024,we repurchased$3.5 billion of common stock.For more information,see Part II,Item 2.Unre

301、gistered Sales of Equity Securities and Use of Proceeds on page 106 and Capital Management CCAR and Capital Planning in the MD&A of the Corporations 2023 Annual Report on Form 10-K.The timing and amount of common stock repurchases are subject to various factors,including the Corporations capital pos

302、ition,liquidity,financial performance and alternative uses of capital,stock trading price,regulatory requirements and general market conditions,and may be suspended at any time.Such repurchases may be effected through open market purchases or privately negotiated transactions,including repurchase pl

303、ans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934,as amended(Exchange Act).Regulatory CapitalAs a BHC,we are subject to regulatory capital rules,including Basel 3,issued by U.S.banking regulators.The Corporations depository institution subsidiaries are also subjec

304、t to the Prompt Corrective Action(PCA)framework.The Corporation and its primary affiliated banking entity,BANA,are Advanced approaches institutions under Basel 3 and are required to report regulatory risk-based capital ratios and risk-weighted assets(RWA)under both the Standardized and Advanced appr

305、oaches.The lower of the capital ratios under Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements is used to assess capital adequacy,including under the PCA framework.As of September30,2024,the CET1 capital,Tier 1 capital and Total capital ratios und

306、er the Standardized approach were the binding ratios.Minimum Capital RequirementsIn order to avoid restrictions on capital distributions and discretionary bonus payments to executive officers,the Corporation must meet risk-based capital ratio requirements that include a capital conservation buffer o

307、f 2.5 percent(under the Advanced approaches only),an SCB(under the Standardized approach only),plus any applicable countercyclical capital buffer and a global systemically important bank(G-SIB)surcharge.The buffers and surcharge must be comprised solely of CET1 capital.For the period from January 1,

308、2024 through September30,2024,the Corporations minimum CET1 capital ratio requirements were 10.0 percent under both the Standardized approach and the Advanced approaches.The Corporation is required to calculate its G-SIB surcharge on an annual basis under two methods and is subject to the higher of

309、the resulting two surcharges.Method 1 is consistent with the approach prescribed by the Basel Committees assessment methodology and is calculated using specified indicators of systemic importance.Method 2 modifies the Method 1 approach by,among other factors,including a measure of the Corporations r

310、eliance on short-term wholesale funding.Effective January 1,2024,the Corporations G-SIB surcharge,which is higher under Method 2,increased 50 bps,resulting in an increase in our minimum CET1 capital ratio requirement under the Standardized approach and the Advanced approaches to 10.0 percent from 9.

311、5 percent.At September30,2024,the Corporations CET1 capital ratio of 11.8 percent under the Standardized approach exceeded its CET1 capital ratio requirement.21 Bank of AmericaThe Corporation is also required to maintain a minimum supplementary leverage ratio(SLR)of 3.0 percent plus a leverage buffe

312、r of 2.0 percent in order to avoid certain restrictions on capital distributions and discretionary bonus payments to executive officers.At September 30,2024,our insured depository institution subsidiaries exceeded their requirement to maintain a minimum 6.0 percent SLR to be considered well capitali

313、zed under the PCA framework.Capital Composition and RatiosTable 8 presents Bank of America Corporations capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at September30,2024 and December31,2023.For the periods presented herein,the Corp

314、oration met the definition of well capitalized under current regulatory requirements.Table 8 Bank of America Corporation Regulatory Capital under Basel 3StandardizedApproach(1)AdvancedApproaches(1)RegulatoryMinimum(2)(Dollars in millions,except as noted)September 30,2024Risk-based capital metrics:Co

315、mmon equity tier 1 capital$199,805$199,805 Tier 1 capital 222,942 222,942 Total capital(3)252,381 241,794 Risk-weighted assets(in billions)1,689 1,482 Common equity tier 1 capital ratio 11.8%13.5%10.0%Tier 1 capital ratio 13.2 15.0 11.5 Total capital ratio 14.9 16.3 13.5 Leverage-based metrics:Adjus

316、ted quarterly average assets(in billions)(4)$3,218$3,218 Tier 1 leverage ratio 6.9%6.9%4.0 Supplementary leverage exposure(in billions)$3,788 Supplementary leverage ratio 5.9%5.0 December 31,2023Risk-based capital metrics:Common equity tier 1 capital$194,928$194,928 Tier 1 capital 223,323 223,323 To

317、tal capital(3)251,399 241,449 Risk-weighted assets(in billions)1,651 1,459 Common equity tier 1 capital ratio 11.8%13.4%9.5%Tier 1 capital ratio 13.5 15.3 11.0 Total capital ratio 15.2 16.6 13.0 Leverage-based metrics:Adjusted quarterly average assets(in billions)(4)$3,135$3,135 Tier 1 leverage rati

318、o 7.1%7.1%4.0 Supplementary leverage exposure(in billions)$3,676 Supplementary leverage ratio 6.1%5.0(1)Capital ratios as of September30,2024 and December31,2023 are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the current expected

319、 credit losses(CECL)accounting standard on January 1,2020.(2)The CET1 capital regulatory minimum is the sum of the CET1 capital ratio minimum of 4.5 percent,our G-SIB surcharge of 3.0 percent at September30,2024 and 2.5 percent at December31,2023,and our capital conservation buffer(under the Advance

320、d approaches)or SCB(under the Standardized approach)of 2.5 percent,as applicable.The countercyclical capital buffer was zero for both periods.The SLR regulatory minimum includes a leverage buffer of 2.0 percent.(3)Total capital under the Advanced approaches differs from the Standardized approach due

321、 to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.At September30,2024,CET1 capital was$199.8 billion,an increase of$4.9 billion from December31,2023,primarily

322、 due to earnings,partially offset by capital distributions.Tier 1 capital decreased$381 million primarily driven by preferred stock redemptions,partially offset by the increase in CET1 capital.Total capital under the Standardized approach increased$982 million primarily due to an increase in subordi

323、nated debt and adjusted allowance for credit losses included in Tier 2 capital,partially offset by the decrease in Tier 1 capital.RWA under the Standardized approach,which yielded the lower CET1 capital ratio at September 30,2024,increased$37.5 billion during 2024 to$1,689 billion primarily driven b

324、y client activity in Global Markets and lending activity in GWIM and Global Banking.Supplementary leverage exposure at September 30,2024 increased$111.3 billion primarily driven by increased activity in Global Markets and ALM activities in All Other.Bank of America 22Table 9 shows the capital compos

325、ition at September30,2024 and December31,2023.Table 9 Capital Composition under Basel 3(Dollars in millions)September 302024December 312023Total common shareholders equity$271,958$263,249 CECL transitional amount(1)627 1,254 Goodwill,net of related deferred tax liabilities(68,648)(68,648)Deferred ta

326、x assets arising from net operating loss and tax credit carryforwards(8,188)(7,912)Intangibles,other than mortgage servicing rights,net of related deferred tax liabilities(1,453)(1,496)Defined benefit pension plan net assets(801)(764)Cumulative unrealized net(gain)loss related to changes in fair val

327、ue of financial liabilities attributable to own creditworthiness,net-of-tax 1,509 1,342 Accumulated net(gain)loss on certain cash flow hedges(2)4,926 8,025 Other(125)(122)Common equity tier 1 capital 199,805 194,928 Qualifying preferred stock,net of issuance cost 23,158 28,396 Other(21)(1)Tier 1 cap

328、ital 222,942 223,323 Tier 2 capital instruments 16,201 15,340 Qualifying allowance for credit losses(3)13,575 12,920 Other(337)(184)Total capital under the Standardized approach 252,381 251,399 Adjustment in qualifying allowance for credit losses under the Advanced approaches(3)(10,587)(9,950)Total

329、capital under the Advanced approaches$241,794$241,449(1)September30,2024 and December31,2023 include 25 percent and 50 percent of the CECL transition provisions impact as of December 31,2021.(2)Includes amounts in accumulated other comprehensive income(OCI)related to the hedging of items that are no

330、t recognized at fair value on the Consolidated Balance Sheet.(3)Includes the impact of transition provisions related to the CECL accounting standard.Table 10 shows the components of RWA as measured under Basel 3 at September30,2024 and December31,2023.Table 10 Risk-weighted Assets under Basel 3Stand

331、ardized ApproachAdvanced ApproachesStandardized ApproachAdvanced Approaches(Dollars in billions)September 30,2024December 31,2023Credit risk$1,616$1,005$1,580$983 Market risk 73 73 71 71 Operational riskn/a 359 n/a 361 Risks related to credit valuation adjustmentsn/a 45 n/a 44 Total risk-weighted as

332、sets$1,689$1,482$1,651$1,459 n/a=not applicable23 Bank of AmericaBank of America,N.A.Regulatory CapitalTable 11 presents regulatory capital information for BANA in accordance with Basel 3 Standardized and Advanced approaches as measured at September30,2024 and December31,2023.BANA met the definition

333、 of well capitalized under the PCA framework for both periods.Table 11 Bank of America,N.A.Regulatory Capital under Basel 3StandardizedApproach(1)AdvancedApproaches(1)RegulatoryMinimum(2)(Dollars in millions,except as noted)September 30,2024Risk-based capital metrics:Common equity tier 1 capital$191,412$191,412 Tier 1 capital 191,412 191,412 Total capital(3)206,410 196,057 Risk-weighted assets(in