Bank of America(BAC) - 2025 Q1 - Quarterly Results

Financial Performance - Net interest income for Q1 2025 was $14,443 million, an increase of 0.6$14,359 million[7] - Noninterest income rose to $12,923 million in Q1 2025, up 17.6$10,988 million in Q4 2024[7] - Total revenue, net of interest expense, reached $27,366 million, a 7.9$25,347 million in Q4 2024[7] - Net income for Q1 2025 was $7,396 million, representing a 10.9$6,665 million in Q4 2024[9] - Diluted earnings per common share increased to $0.90 in Q1 2025, compared to$0.82 in Q4 2024[8] - The efficiency ratio improved to 64.93% in Q1 2025, down from 66.23% in Q4 2024[7] - Total revenue, net of interest expense, reached $27,511 million in Q1 2025, compared to$25,501 million in Q4 2024[16] - Net income for Q1 2025 was $7,396 million, up from$6,665 million in Q4 2024[18] Asset and Deposit Growth - Total assets increased to $3,349,424 million as of March 31, 2025, up from$3,261,519 million at the end of 2024, representing a growth of approximately 2.7%[11] - Total deposits grew to $1,989,564 million in Q1 2025, compared to$1,965,467 million in Q4 2024, reflecting an increase of approximately 1.2%[11] - Total assets increased to $3,351,423 million in Q1 2025 from$3,318,094 million in Q4 2024, reflecting a growth of 1.0%[14] - Total deposits at the end of Q1 2025 were $1,989,564 million, up from$1,965,467 million at the end of Q4 2024[18] Credit Losses and Provisions - Provision for credit losses was $1,480 million, slightly higher than$1,452 million in Q4 2024[8] - The provision for credit losses in Q1 2025 was $1,480 million, compared to$1,452 million in Q4 2024[18] - The allowance for loan and lease losses remained stable at $13,256 million in Q1 2025, slightly up from$13,240 million in Q4 2024[11] - The allowance for credit losses totaled $14,366 million as of March 31, 2025, with a reserve for unfunded lending commitments of$1,110 million[36] Capital Ratios and Equity - As of March 31, 2025, the Common Equity Tier 1 capital stands at $201,177 million, a slight increase from$201,083 million in December 31, 2024[12] - The Total Capital under the Standardized approach is $256,443 million, compared to$255,363 million at the end of 2024[13] - The Common Equity Tier 1 capital ratio is reported at 11.8% as of March 31, 2025, down from 11.9% in December 31, 2024[12] - Total common shareholders' equity increased to $275,082 million as of March 31, 2025, compared to$272,400 million in December 31, 2024[13] Segment Performance - Net interest income for the Global Wealth & Investment Management segment was $1,765 million in Q1 2025, compared to$1,753 million in Q4 2024, an increase of 0.7%[22] - Net income for the Global Wealth & Investment Management segment decreased to $1,007 million in Q1 2025 from$1,171 million in Q4 2024, a decline of 13.9%[22] - Net interest income in the Global Banking segment for Q1 2025 was $3,151 million, down from$3,270 million in Q4 2024, representing a decrease of about 3.6%[24] - Total revenue, net of interest expense, for the Global Banking segment was $5,977 million in Q1 2025, compared to$6,091 million in Q4 2024, a decline of approximately 1.9%[24] Nonperforming Loans and Credit Quality - Nonperforming loans, leases, and foreclosed properties were $2,987 million in Q1 2025, slightly up from$2,970 million in Q4 2024[25] - Nonperforming consumer loans and leases decreased to $2,613 million in Q1 2025 from$2,647 million in Q4 2024, a reduction of 1.3%[34] - Total nonperforming commercial loans and leases increased to $3,470 million in Q1 2025 from$3,328 million in Q4 2024, an increase of 4.3%[34] Miscellaneous - The corporation uses non-GAAP financial measures to provide additional clarity in understanding its results of operations and trends[38] - The corporation's return on average tangible common shareholders' equity is a key measure for evaluating its growth goals[37] - Book value per share of common stock rose to $36.39 in Q1 2025, up from$33.71 in Q4 2024, indicating improved shareholder value[39] - Tangible book value per share of common stock increased to $27.12 in Q1 2025 from$24.79 in Q4 2024, reflecting a positive trend in tangible equity per share[39]