Bank of America Corporation

Strong core banking performance; diversified earnings offset weakness in markets/IB - Bank reported Q3 net income $6.9B and EPS $0.91. - Core businesses driving growth: consumers, wealth (GWIM/Global Wealth & Investment Management), and commercial/global banking (“Main Street”) showed continued strength with higher loans & deposits, strong wealth flows, and higher NII. - Headwind: sales & trading / investment banking revenue lower vs prior periods (with equities strong but other FICC credit activities softer).

Regulatory settlement charge is the main negative; operating results were stronger excluding it - Non-tax deductible regulatory settlement charge: $1.2B (~$0.17/share). - Adjusted net income: $8.1B (~$1.08/share), described as up vs last year. - “All other” segment still reported losses mainly due to the settlement; credit quality remained stable/improved modestly despite the charge.

NII and deposit/loan momentum are the key positive—and the company reiterated a strong forward outlook - NII: $16.6B (FTE), +8% YoY, +8% QoQ, with net interest yield 2.16% (+15 bps YoY, +8 bps QoQ), moving toward ~2.3% medium-term target. - Balance sheet growth & funding: loans +$34B QoQ to $1.25T; ending deposits $2T+, deposits rose ~$14B vs Q2 and remained above $2T. - Management forecast (important): - NII expected to improve sequentially in Q4 and continue through 2027. - 2026 revised full-year NII growth: ~8% (company raised guidance over the year from prior 7%, and earlier from 5–7%). - 2027: expects NII growth of ~8% or more (and says it’s higher than 2026). - Outlook assumes three additional 25 bps rate increases through June 2027 (plus fixed-rate asset repricing benefits; banking book described as asset-sensitive).