营收利润超预期，不良率符合预期，净息差不及预期

Investment Rating - The report assigns a rating of "Outperform" for Bank of America (BAC US) [10][12][24]. Core Insights - Bank of America reported Q3 2024 earnings with revenue growth of +0.68% year-over-year, exceeding Bloomberg consensus forecast of +0.24% [2][5]. - Net profit attributable to common stockholders decreased by -12.2% year-over-year, better than the expected -14.7% [2][5]. - The provision for credit losses was $1,542 million in Q3 2024, with a non-performing loan (NPL) ratio of 0.53%, in line with expectations [2][5]. - The Common Equity Tier 1 (CET1) ratio decreased to 11.80%, slightly below the forecast of 11.91% [2][5]. - Return on Tangible Common Equity (ROTCE) decreased to 12.76%, higher than the expected 12.35% [2][5]. - The net interest margin (NIM) was 1.92%, slightly below the forecast of 1.94% [2][5]. - Total loans and deposits grew by 2.5% and 2.4% year-over-year, respectively, both exceeding expectations [2][5]. Summary by Sections Revenue and Profit - Revenue for Q3 2024 was $25,492 million, beating the estimate of $25,382 million [4]. - Net interest income was $14,114 million, with a year-over-year change of -2.9%, better than the expected -4.3% [4]. - Non-interest income was $11,378 million, with a year-over-year change of +5.5%, exceeding the expected +5.1% [4]. Cost and Efficiency - The cost-to-income ratio increased by 2.1 percentage points to 65.02%, worse than the expected 64.85% [4]. Asset Quality - The NPL ratio increased by 1 basis point to 0.53%, in line with expectations [4]. - The total provision for credit losses was $1,542 million, with a year-over-year change of +25.0%, slightly below the expected +25.2% [4]. Capital and Returns - ROE decreased by -1.80 percentage points to 9.44%, better than the expected 9.12% [4]. - ROTCE decreased by -2.71 percentage points to 12.76%, exceeding the expected 12.35% [4]. - The CET1 ratio decreased by 0.1 percentage points year-over-year to 11.80%, below the expected 11.91% [4].