Profits up to September were €17.507 billion, down 13.3%
Bank of America recorded a net profit of $6.38 billion (€5.847 billion) in the third quarter of 2024, which is 12.2% less than the result recorded a year earlier by the entity.
Bank of America’s net turnover between July and September reached $25.345 billion (€23.227 billion), up 0.7%, despite the 2.9% drop in net interest income, to $13.967 billion (€12.800 billion).
Bank of America was also forced to set aside $1.542 billion (€1.413 billion) in the quarter to deal with the increase in credit risk, a figure 25% higher than in the same period in 2023.
“Net interest income increased in the second quarter, complemented by double-digit year-on-year growth in investment banking and asset management fees, as well as sales and trading revenues,” explained Bank of America President and CEO Brian Moynihan, who described the results as “solid.”
Thus, in the first nine months of the year, profits of $19.104 billion (€17.507 billion) were recorded, 13.3% less. Meanwhile, revenues during this period fell by 3%, to $41.701 billion (€38.216 billion).
