Bank of America Corp

THE PRESS RELEASE bac093025ex991 1 3Q25 Financial Highlights3(B) 3Q25 Business Segment Highlights1,3,4(B) Consumer Banking • Net income of $3.4 billion • Revenue of $11.2 billion, up 7% • Average deposits of $947 billion were up 1% and up 32% from pre- pandemic levels (4Q19); #1 in U.S. Consumer Deposits5 • Average loans and leases of $320 billion, up $7 billion, or 2% • Average Small Business loans grew 7%; #1 Small Business Lender6 • Combined credit / debit card spend of $245 billion, up 6% • Client Highlights – Added ~212,000 net new consumer checking accounts; 27th consecutive quarter of growth – 38.4 million consumer checking accounts; 92% are primary7 – ~4 million small business checking accounts – $580 billion in consumer investment assets, up 17%8 – $1.1 trillion in payments, up 5%9 – 4.2 billion digital logins; 66% of total sales were digitally-enabled Global Wealth and Investment Management • Net income of $1.3 billion • Revenue of $6.3 billion, up 10%. The increase was primarily driven by higher asset management fees, up 12% to $3.9 billion, from higher market valuations and strong AUM flows • Client balances of $4.6 trillion, up 11%, driven by higher market valuations and positive net client flows • Average loans and leases of $246 billion, up $20 billion, or 9% • Client Highlights – Added ~5,400 net new relationships across Merrill and Private Bank – ~$2.1 trillion of AUM balances, up 13% – 86% of Merrill and Private Bank clients digitally active Global Banking • Net income of $2.1 billion • Total Corporation investment banking fees (excl. self-led) of $2.0 billion, up 43% • #3 investment banking fee ranking; 136 bps gain in market share11 • $632 billion in average deposits, up 15% • 6% growth in Middle Market average loan balances13 • 12% improvement in treasury service charges Global Markets • Net income of $1.6 billion • Sales and trading revenue up 9% to $5.4 billion including net debit valuation adjustment (DVA) gains of $14 million. Excluding net DVA, up 8%.(E) 14th consecutive quarter of year-over-year growth – Fixed Income, Currencies and Commodities (FICC) revenue up 5% to $3.1 billion including and excluding net DVA(E) – Equities revenue up 14% to $2.3 billion including and excluding net DVA(E) From Chair and CEO Brian Moynihan: Strong net income growth drove third quarter diluted earnings per share up 31% from last year. This in turn drove strong improvement in our returns on assets and equity. Revenue grew 11% year-over-year. Strong loan and deposit growth, coupled with effective balance sheet positioning, resulted in record net interest income. We also saw strong fee performance from our market-facing businesses. As revenues grew at a much faster rate than expenses, we drove good operating leverage and an efficiency ratio below 62%. With continued organic growth, every line of business reported top and bottom-line improvements. I thank our teammates for a strong quarter. Bank of America Reports 3Q25 Net Income of $8.5 Billion, EPS of $1.06 Revenue up 11% YoY to $28.1 Billion,1 Net Interest Income Grew 9% YoY to $15.2 Billion ($15.4 Billion FTE)(A) Investment Banking Fees2 Topped $2 Billion, Rising 43% YoY See page 10 for endnotes. Amounts may not total due to rounding. Revenue, net of interest expense. Excluding self-led. Financial Highlights and Business Segment Highlights are compared to the year-ago quarter unless noted. The Bank of America Corporation (Corporation) reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Source: Federal Financial Institutions Examination Council (FFIEC) Call Reports, 2Q25. Source: Federal Deposit Insurance Corporation (FDIC), 2Q25. Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). End of period. Consumer investment assets include client brokerage assets, deposit sweep balances, brokered CDs, and AUM in Consumer Banking. Total payments represent payments made from Bank of America accounts using credit card, debit card, ACH, wires, billpay, person-to-person, cash and checks. Return on average tangible common shareholders’ equity ratio represents a non-GAAP financial measure. For more information, see page 19. Source: Dealogic as of September 30, 2025. Tangible book value per common share represents a non-GAAP financial measure. For more information, see page 19. Includes loans to Global Commercial Banking clients, excluding commercial real estate and specialized industries. • Net income of $8.5 billion compared to $6.9 billion – Diluted earnings per share of $1.06 compared to $0.81, up 31% • Revenue, net of interest expense, of $28.1 billion ($28.2 billion FTE),(A) up 11%, reflected higher net interest income (NII), investment banking and asset management fees, and sales and trading revenue – NII of $15.2 billion ($15.4 billion FTE),(A) up 9%, driven by higher NII related to Global Markets activity, fixed-rate asset repricing, and higher deposit and loan balances, partially offset by the impact of lower interest rates ▪ 5th consecutive quarter of sequential NII growth • Provision for credit losses of $1.3 billion decreased from $1.5 billion in 3Q24 and $1.6 billion in 2Q25 – Net charge-offs of $1.4 billion decreased from $1.5 billion in 3Q24 and 2Q25 • Noninterest expense of $17.3 billion, up 5%, driven by higher revenue- related expenses and investments in people, brand and technology. Efficiency ratio improved 329 bps to 62% – Increased 1% from 2Q25, driven primarily by investments in people and technology, as well as higher revenue-related expenses • Return on average common shareholders' equity ratio of 11.5%; return on average tangible common shareholders' equity ratio of 15.4%10 • Return on average assets of 0.98% • Balance Sheet Remained Strong – Average deposit balances of $1.99 trillion increased 4%; 9th consecutive quarter of sequential growth – Average loans and leases of $1.15 trillion increased 9%, with growth across every business segment – Average Global Liquidity Sources of $961 billion(C) – Common equity tier 1 (CET1) capital of $203 billion, up 1% from 2Q25 – CET1 ratio of 11.6% (Standardized);(D) well above the regulatory minimum – Returned $7.4 billion to shareholders ($2.1 billion through common stock dividends and $5.3 billion in share repurchases) and increased the quarterly common stock dividend 8% • Book value per common share rose 7% to $37.95; tangible book value per common share rose 8% to $28.3912