Bank of America beats by $0.05, reports revs in-line; provides FY25 outlook (47.10)
- Reports Q4 (Dec) earnings of $0.82 per share, $0.05 better than the FactSet Consensus of $0.77; revenues rose 15.0% year/year to $25.3 bln vs the $25.12 bln FactSet Consensus.
- Provision for credit losses of $1.5 billion modestly improved from 3Q24 and increased from $1.1 billion in 4Q23.
- Net interest income of $14.4 billion ($14.5 billion FTE), up 3% from 4Q23 and 3Q24.
- "We finished 2024 with a strong fourth quarter. Every source of revenue increased, and we saw better than industry growth in deposits and loans. We also ended with strong capital and liquidity, enabling us to return $21 billion of capital to shareholders in 2024. We believe this broad momentum sets up 2025 very well for Bank of America. I thank all my teammates for another great year, and together we look forward to driving the company forward in 2025 against the backdrop of a solid economic environment."
- FY25 Outlook: Expect 1Q25 NII (FTE) of $14.5B-$14.6B; expect to grow sequentially to ~$15.5B-$15.7B in 4Q25 with 2H25 growth >1H25 growth. Expect to deliver operating leverage in 2025, reflecting anticipated. FY25 noninterest expense ~2%-3% above 2024 level.