Bank of America (BAC) Q3 2025 Results Show Strong Growth
Key Points
- Net income: $8.5 billion, up 23% year over year.
- Diluted EPS: $1.06, compared with $0.81 in Q3 2024 (+31%).
- Revenue: $28.1 billion, up 11% from Q3 2024, driven by higher net interest income (NII) and record investment banking fees.
- Net interest income: $15.2 billion, up 9% YoY, fifth consecutive quarter of sequential growth.
- Investment banking fees: Over $2.0 billion, up 43% YoY, ranking #3 globally.
- Provision for credit losses: $1.3 billion, down from $1.5 billion last year.
- Return on average common equity: 11.5%; ROTE: 15.4%.
- CET1 ratio: 11.6%, well above regulatory minimum.
Quarter Highlights
- Total revenue: $28.1 B ($28.2 B FTE), up 11% YoY.
- Net interest income: $15.2 B ($15.4 B FTE), up 9% YoY.
- Noninterest income: $12.9 B, up 13%.
- Noninterest expense: $17.3 B, up 5%, driven by technology, brand, and people investments; efficiency ratio 62%.
- Pretax, pre-provision income: $10.8 B (+21% YoY).
- Average loans and leases: $1.15 T (+9% YoY).
- Average deposits: $1.99 T (+4% YoY), marking the ninth consecutive quarter of growth.
- Net charge-offs: $1.4 B (0.47% of average loans and leases), down from 0.58% a year ago.
- Book value per share: $37.95 (+7% YoY); tangible book value per share: $28.39 (+8%).
Segment Highlights
- Consumer Banking: Net income $3.4 B (+27% YoY); revenue $11.2 B (+7%); average loans $320 B (+2%).
- Global Wealth & Investment Management: Net income $1.3 B; revenue $6.3 B (+10%), driven by 12% increase in asset management fees.
- Global Banking: Net income $2.1 B; revenue $6.2 B (+7%), boosted by IB fees and treasury services.
- Global Markets: Net income $1.6 B; sales and trading revenue $5.4 B (+9%), with FICC up 5% and Equities up 14%.
- All Other: Minor net loss of $6 M, improved from a $295 M loss a year ago.
CEO Statement and Outlook
“Strong net income growth drove third‑quarter diluted earnings per share up 31% from last year. This in turn drove strong improvement in our returns on assets and equity. Revenue grew 11% year over year. Strong loan and deposit growth, coupled with effective balance sheet positioning, resulted in record net interest income,” said Brian Moynihan, Chair and CEO.
“As revenues grew at a much faster rate than expenses, we drove good operating leverage and an efficiency ratio below 62%. With continued organic growth, every line of business reported top and bottom‑line improvements.”
Financial Summary
| Metric | Q3 2025 | Q3 2024 |
| Total Revenue | $28.1 B | $25.3 B |
| Net Interest Income (FTE) | $15.4 B | $14.1 B |
| Noninterest Income | $12.9 B | $11.4 B |
| Provision for Credit Losses | $1.3 B | $1.5 B |
| Noninterest Expense | $17.3 B | $16.5 B |
| Net Income | $8.5 B | $6.9 B |
| Diluted EPS | $1.06 | $0.81 |
| ROE | 11.5% | 9.4% |
| ROTE | 15.4% | 12.8% |
| CET1 Ratio | 11.6% | 11.8% |
| Efficiency Ratio | 62% | 65% |
| Book Value per Share | $37.95 | $35.37 |
| Tangible Book Value per Share | $28.39 | $26.25 |
Capital Return
- Returned $7.4 billion to shareholders ( $2.1 B in dividends and $5.3 B in buybacks ).
- Quarterly dividend: increased 8% to $0.26 per share.
- Share repurchases: $5.3 B completed under existing authorization.
- CET1 capital: $203 B with 11.6% ratio (standardized basis).
- Book value growth: BVPS +7%; TBVPS +8%.
About Bank of America Bank of America (NYSE: BAC) is one of the world’s leading financial institutions, serving individual consumers, small and middle‑market businesses, and large corporations with a full range of banking, investing, asset management, and risk management products and services. The company serves nearly 70 million consumer and small business clients through about 3,600 financial centers and 59 million digital users worldwide. Headquartered in Charlotte, North Carolina, Bank of America is listed on the New York Stock Exchange under the ticker BAC.