Bank of America Corporation

Solid “core banking” earnings with diversified drag from markets/IB - Net income $6.9B (EPS $0.91), hit by a non-tax deductible regulatory settlement charge of $1.2B (~$0.17/share). - Excluding the settlement: net income $8.1B (~$1.08/share), up vs. last year. - Revenue ~$30B (+3% YoY); NII $16.6B (FTE, +8% YoY); asset management fees +17% YoY. - Sales & trading / investment banking lower, though equities delivered a record Q3; FICC credit areas were pressured by reduced client activity and rate-shift effects.

NII momentum and explicit medium-term guidance raised - Net interest yield: 2.16%, +15 bps YoY and +8 bps QoQ, moving toward the 2.3% medium-term target. - Management expects NII to improve sequentially in Q4 and through 2027 driven by deposit/non-interest-bearing normalization, loan growth, and fixed-rate asset repricing. - Guidance / forecasts: - 2026: revised ~8% NII growth expected (they raised the medium-term outlook over the course of 2026 to reach this). - 2027: expects ~8%+ full-year NII growth (higher than 2026). - Caveat: includes an assumption that global markets drag is offset by stronger banking book growth (explicitly described by management).

Balance sheet & capital: loans/drawdown of securities supports growth; capital flexibility remains - Assets: $3.4T (-2% QoQ); deposits: $2.0T (+$14B QoQ) and above $2T. - Loans: $1.25T (+$34B QoQ); loans have grown 10 consecutive quarters. - Capital: CET1 10.9%, ~35 bps below Q2 (impacted by loan growth and $3B CET1 capital reduction), still above regulatory minimum (~10%). - Shareholder returns: $8.3B returned in the quarter (dividends + buybacks), and management emphasized continued flexibility while prioritizing client support.