Bank of America has announced that it closed the year 2024 with an attributable net profit of 25,503 million dollars (24,756 million euros), which represents an increase of 2.6% compared to the previous year. This news has been confirmed by the financial institution, which has also provided details about its income and other relevant figures.
Bank of America’s total net income in 2024 reached $101,887 million (€98,903 million), which represents an increase of 3.3% compared to 2023.
Despite this increase, net interest income decreased by 1.5%, standing at 56,060 million dollars (54,418 million euros). During the year, the entity’s provisions to cover the risk of credit default increased by 32%, reaching 5,821 million dollars (5,650 million euros), with 1,452 million dollars (1,409 million euros) reserved in the fourth quarter .
In the last quarter of the year, Bank of America achieved an attributable net profit of 6,399 million dollars (6,212 million euros), which represents an increase of 125% compared to the same period of the previous year.
Net income in this quarter amounted to 25,347 million dollars (24,605 million euros), an increase of 15.4% compared to the fourth quarter of 2023. Specifically, the bank’s net interest income increased 3% between October and December , reaching a total of 14,359 million dollars (13,938 million euros).
Brian Moynihan, president and CEO of Bank of America, has highlighted the entity’s performance in 2024, noting that they closed the year with a solid fourth quarter. Moynihan highlighted that all of the entity’s sources of income experienced growth and that they achieved higher growth than the sector in deposits and loans.