Bank of America announced its fourth quarter and full year 2024 financial results today, demonstrating that the firm has successfully recovered from its challenges during a turbulent 2023.
The bank’s fourth-quarter profit for 2024 more than doubled to $6.67 billion, or 82 cents per share, compared to $3.1 billion in revenue for the same quarter in 2023.
The company reported a full-year 2024 net income of $27.1 Billion and an EPS of $3.21. Driven by substantial fee income, its 2024 revenue surpassed $100 Billion.
Bank of America’s Chair and CEO Brian Moynihan told investors: “We finished 2024 with a strong fourth quarter. Every source of revenue increased, and we saw better than industry growth in deposits and loans. We also ended with strong capital and liquidity, enabling us to return $21 billion of capital to shareholders in 2024.”
The firm’s CFO, Alastair Borthwick, commented: “The team generated strong fee income throughout 2024, and we believe we are on track to continue growing net interest income in the year ahead. The fourth quarter also marked a return to operating leverage. Asset quality is healthy, and client spending continued to grow at a moderate pace, reflecting a solid economic environment.”
Regarding the company’s 2025 outlook, Borthwick said, “Looking towards 2025, we remain focused on delivering for our shareholders while supporting our clients’ growth and driving market share.”
Moynihan concluded, “We believe this broad momentum sets up 2025 very well for Bank of America. I thank all my teammates for another great year, and together, we look forward to driving the company forward in 2025 against the backdrop of a solid economic environment.”
By CEO NA Editorial Staff
