Bank of America(BAC) 海通国际·2025-01-17 01:08Investment Rating - The report does not explicitly state the investment rating for Bank of America (BAC US) [1][2][3] Core Views - Bank of America's 24Q4 revenue and profit exceeded expectations, with both net interest income and non-interest income surpassing forecasts [2][3] - The net interest margin (NIM) was higher than expected, and loan and deposit growth also exceeded expectations [2][3] - The non-performing loan (NPL) ratio was higher than expected, indicating a slight deterioration in asset quality [2][3] - Return on equity (ROE) and return on tangible common equity (ROTCE) exceeded expectations, and the CET1 ratio also surpassed forecasts [2][3] Financial Performance Summary - Revenue grew by 15.4% YoY, higher than the Bloomberg consensus forecast of 14.0% [2][3] - Net interest income increased by 3.0% YoY, above the expected 1.7% [2][3] - Non-interest income surged by 37.1% YoY, exceeding the expected 36.0% [2][3] - Consumer banking revenue grew by 3.1% YoY, higher than the expected 1.2% [2][3] - Global wealth and investment management revenue increased by 14.8% YoY, above the expected 14.0% [2][3] - Global markets revenue grew by 18.4% YoY, below the expected 20.4% [2][3] - Net profit attributable to common shareholders surged by 125.5% YoY, significantly higher than the expected 112.9% [2][3] - The cost-to-income ratio decreased by 14.5 percentage points YoY to 66.2%, slightly worse than the expected 65.9% [2][3] - Provisions for credit losses were 10.646 billion, up 3.1% YoY [3] - Global wealth and investment management revenue: 6.091 billion, up 2.7% YoY [3] - Global markets revenue: $4.840 billion, up 18.4% YoY [3]