Bank of America Corporation

Core earnings beat (with a big one-time regulatory hit) - Reported net income: $6.9B and EPS: $0.91 in Q3. - Included non-tax-deductible regulatory settlement charge: $1.2B (~$0.17/share). - Adjusted for the settlement: net income $8.1B (~$1.08/share); management emphasized strong underlying franchise performance.

Banking fundamentals strong: loans/deposits up, NII improving, credit stable - NII: $16.6B (FTE), +8% YoY, and +~$450M QoQ; net interest yield: 2.16%, +15 bps YoY and +8 bps QoQ (moving toward ~2.3% medium-term target). - Balance sheet/volume: Total loans $1.25T (+$34B vs Q2); loans now up for 10 straight quarters; deposits ~$2.0T (+$14B vs Q2). - Credit quality: improved modestly; provision ~$1.3B, net charge-off ratio 44 bps; card loss rate 3.22% and improved/delinquency improvement noted; commercial criticized assets at lowest rate basis since 4Q’19. - Surprising/positive detail: equities trading delivered a record Q3, though overall markets/I-banking were weaker.

Growth drivers by segment (where earnings strength came from) - Management highlighted Main Street momentum: - Consumer Banking: revenue +$4% to $11.6B, net income +$2% to $3.5B; ~39M checking accounts, +200k net new in the quarter; card balances +~5%. - Wealth Management / GWIM: revenue +$13% to $7.1B, net income +22% to >$1.5B; client flows ~$41B in the quarter; balances >$5T for the first time (AUM ~$2.4T, up 12%); continued lending strength. - Global Banking (commercial): revenue ~flat at $6.2B but strong pipeline; net income ~just under $2B; commercial loan growth broad-based; treasury services revenue +10%. - Headwinds: Investment banking and sales/trading down vs prior periods overall, despite record equities.