Bank of America Corp (BAC) Q4 2025 (USD): EPS 0.98 (exp. 0.96), Revenue 28.4bln (exp. 27.56bln)

Key Metrics:

• Net interest income 15.75bln (exp. 15.48bln)
• Net interest income FTE 15.92bln
• Revenue net of interest expense 28.37bln (exp. 27.78bln)
• Provision for credit losses 1.31bln (exp. 1.48bln)

Revenue Breakdown:

• Trading (ex-DVA) 4.53bln (exp. 4.33bln)
• FICC (ex-DVA) 2.52bln (exp. 2.62bln)
• Equities (ex-DVA) 2.02bln (exp. 1.89bln)
• Investment banking 1.67bln (exp. 1.66bln)

Other Metrics:

• Return on average equity 10.5% (exp. 10.2%)
• Return on average assets 0.89% (exp. 0.85%)
• Return on average tangible common equity 14.0% (exp. 13.8%)
• Standardised CET1 ratio 11.4% (exp. 11.5%)
• Compensation expenses 10.60bln (exp. 10.55bln)
• Advisory fees 590mln (exp. 495.3mln)
• Debt underwriting revenue 810mln (exp. 864mln)
• Equity underwriting revenue 297mln (exp. 301mln)
• Loans 1.19tln (exp. 1.18tln)
• Total deposits 2.02tln (exp. 2.03tln)

Commentary:

• Expect further economic growth in the year ahead.
• While any number of risks continue, are bullish on the US economy in 2026.

Guidance:

• Expect Q1 NII +7% Y/Y.