Bank of America Corporation

Core earnings strength (with a big one-time hit): Bank of America reported Q3 net income of ~$6.9B and EPS of $0.91. Results included a $1.2B non-tax-deductible regulatory settlement charge (~$0.17/share). Excluding that charge, net income was ~$8.1B (~$1.08/share), reflecting strength in the “Main Street” businesses (consumer + wealth + commercial) with higher loans/deposits, stronger wealth flows, higher NII, and improved credit; trading/investment banking were softer.

NII improvement and forward guidance raised/confirmed (key investor focus): Net interest income (NII) was $16.6B (FTE), +8% YoY, and NII yield rose to 2.16% (up 15 bps YoY and 8 bps QoQ), moving closer to a 2.3% medium-term target. Management expects NII to improve sequentially in Q4 and through 2027. Full-year 2026 NII growth guidance: ~8% (revised up earlier in 2026 from 7%, vs prior 5–7%), and 2027: ~8% or more. Drivers called out: continued deposit/NIB growth (non-interest-bearing), loan growth (~$20B/quarter average), and fixed-rate asset repricing; acknowledged that global markets could create some drag in 2027 but banking growth should offset.

Balance sheet + capital actions: loan growth supported and flexibility maintained: Total assets ~$3.4T, down 2% QoQ. Deposits >$2T, up (noted ending deposits +$14B from Q2, and +31B YoY vs Q3’25 despite “intentional runoff” of higher-cost deposits). Quarter-end loans ~$1.25T (+$34B QoQ); loans now grew for 10 consecutive quarters. On capital: CET1 was 10.9% (about 35 bps below Q2), and management emphasized capital flexibility (they’re supporting client growth first, must meet the regulatory minimum around 10%, and then return remaining capital). Returned $8.3B to shareholders in Q3 via dividends + repurchases (repurchased $6B in shares was mentioned in Q&A).