Bank of America Corporation

Strong, diversified earnings; regulatory hit diluted results - Reported Q3 net income: $6.9B and EPS: $0.91. - Included $1.2B non-tax-deductible regulatory settlement charge (about $0.17/share). - Excluding the charge: net income $8.1B (≈ $1.08/share), described as up vs. last year.

Core banking momentum (main positive); markets weaker; credit stable - Management highlighted “Main Street” strength: consumer, wealth, and commercial driving higher activity, loans/deposits, and earnings. - Revenue ~$30B (+3% YoY); NII $16.6B (FTE, +8% YoY); asset management fees +17% YoY. - Markets/investment banking down: sales & trading/investment banking lower, with FICC micro business declines attributed to interest-rate shifts and reduced client activity (equities record quarter partially offset). - Credit quality improved modestly: provision ~$1.3B and net charge-off ratio 44 bps; card loss rate improved to 3.22%; commercial criticized assets at lowest (rate basis since 4Q19) and non-performing loans fell QoQ.

Balance sheet & capital: deposits up, loans up; flexibility remains despite CET1 decline - Loans +$34B QoQ to $1.25T and have grown 10 consecutive quarters. - Deposits ~$2.0T; + $14B QoQ and +31B YoY vs Q3 2025, with mix strength: non-interest-bearing >75% of YoY deposit growth; deposit rate rose only +3 bps to 1.49%. - NII supports “nearer-term” targets: net interest yield 2.16%, up 15 bps YoY and 8 bps QoQ, moving toward 2.3% medium-term target. - Capital: CET1 10.9% (down ~35 bps QoQ), attributed mainly to higher loans + $3B CET1 capital reduction, plus settlement-related effects. TCE ratio stable. - Shareholder returns: returned $8.3B in Q3 via dividends + repurchases (~$6B buybacks).