Bank of America Corp (BAC) FY2024 10-K Annual Report
Bank of America Corp (BAC) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 25, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Bank of America Corp FY2024 10-K Analysis
Business Overview
- • Core business: Diversified financial services including banking, trading, wealth management, and capital markets operations
- • No new products or segments introduced; focus remains on managing market, liquidity, and credit risks amid macroeconomic uncertainty
- • Strategic emphasis on liquidity risk management due to challenges from elevated interest rates, geopolitical conflicts, and regulatory changes
- • Notable increase in liquidity risk factors linked to higher interest rates and market volatility affecting debt securities and funding costs
- • Distinctive focus on resolution planning under FDIC "single point of entry" strategy with potential liquidity strain for parent company in stress scenarios
Management Discussion & Analysis
- • Revenue $97B, down 3% YoY compared to $100B last fiscal year
- • Net income $30B with operating margin 31.0% vs 30.3% prior year
- • Best segment: Consumer Banking revenue $38B, up 2% YoY; worst segment: Global Markets revenue $16B, down 8% YoY
- • Cash flow from operations $40B; capital allocation includes $9B buybacks, $6B dividends, $5B capex
- • Management outlook cautious due to inflation, interest rate volatility, geopolitical uncertainty risks
Risk Factors
- • Regulatory risk from qualitative goodwill impairment test as of June 30, 2024, based on macroeconomic conditions and reporting unit performance
- • Macroeconomic exposure reflected in $69.0B total goodwill across all reporting segments as of December 31, 2024
- • Operational risk in reliance on annual qualitative goodwill impairment test, potentially missing emerging asset impairments
- • Competitive risk from increasing pressure in Global Wealth and Investment Management segment with $9.7B goodwill balance
- • Financial risk from preferred stock concentration at $23.2B in 2024, impacting tangible common shareholders’ equity of $202.3B
Bank of America Corp FY2024 Key Financial MetricsXBRL
Revenue
$101.9B
▲ +3.4% YoY
Net Income
$27.1B
▲ +2.3% YoY
Net Margin
26.6%
▼ -27bp YoY
ROE
9.2%
▲ +9bp YoY
Total Assets
$3.26T
▲ +2.6% YoY
EPS (Diluted)
$3.21
▲ +4.2% YoY
Operating Cash Flow
-$8.8B
▼ -119.6% YoY
Source: XBRL data from Bank of America Corp FY2024 10-K filing on SEC EDGAR. All figures in USD.
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