BAC earnings call for the period ending December 31, 2024.
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Bank of America (BAC -0.98%)
Q4 2024 Earnings Call
Jan 16, 2025, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, everyone, and welcome to today’s Q4 Bank of America earnings announcement. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. Please note, today’s call will be recorded, and I will be standing by should you need any assistance.
It is now my pleasure to turn the conference over to Lee McEntire. You may begin.
Lee McEntire — Senior Vice President, Investor Relations
Good morning. Thank you. Welcome. Thank you for coming to the call to discuss our fourth quarter results.
Our earnings release documents are available on the investor relations section of the bankofamerica.com website, and they include the earnings presentation that we’ll make reference to during this call. I hope everyone’s had a chance to review the documents. Our CEO, Brian Moynihan, will make some opening comments before Alastair Borthwick, our CFO, discusses the details of the quarter. Let me just remind you before we start that we may make forward-looking statements and refer to non-GAAP financial measures during the call.
Forward-looking statements are based on management’s current expectations and the assumptions that are subject to risk and uncertainties. Factors that may cause our actual results to materially differ from expectations are detailed in the earnings materials and the SEC filings available on our website. Information about our non-GAAP financial measures, including reconciliations to U.S. GAAP, can also be found in our earnings materials that are available on the website.
So, with that, I’m happy to turn the call over to Brian.
Brian T. Moynihan — Chairman and Chief Executive Officer
So, good morning, everyone, and thank you for joining us. Before we begin today, I just want to express our deep concern for our communities, clients, and teammates impacted by the California wildfires. Our top priority, of course, is ensuring the safety and welfare of our team and helping our clients and customers. Our imperturbable market president, Raul Anaya, is leading our team out there.
We have teams on the ground assisting in any way we can and are monitoring the situation to extend support and resources. So, far, we have activated our client assistance program, donated $1 million in disaster relief to the American Red Cross, and additional contributions to the L.A. Food Bank and the L.A. Chamber of Commerce small business efforts.
With that, let’s turn to earnings starting on Page 2 of the presentation. This morning, we reported $6.7 billion in net income. That is $0.82 in EPS for the fourth quarter. That was a solid finish to another good year at Bank of America.
We grew revenue on a year-over-year basis in every category in Quarter 4. We saw good loan and deposit growth. And Alastair is going to walk you through some of the details of the quarter in a moment, but I want to thank our team for another great year. For the full year of 2024, we generated $102 billion of revenue and reported net income of $27.1 billion and EPS of $3.21.
We produced 83 basis points return on assets and 13% return on tangible common equity. We generated these results working from a strong balance sheet that allowed us to support clients, and economies continue to grow. The economy appears to be now settled into a 2% to 3% GDP-type growth environment. It has healthy employment levels in the resilient consumer.
The immensity of the American consumer can be seen in our data. So far, in the first two weeks in January, they’re spending money at 4% to 5% clip over last year, similar to what they did in the fourth quarter. In our business side, the clients are profitable. They’re liquid and seeing good productivity.
