Bank of America, or BofA, is a major U.S. financial company based in Charlotte, North Carolina. It was formed in 1998 when BankAmerica merged with NationsBank. It’s The second-largest bank in the U.S. and offers services like commercial banking, wealth management, and investment banking. Bank of America employs around 213,000 people and serves about 69 million customers in the U.S. and over 35 other countries.
Bank of America focuses on responsible growth and improving financial lives. The company aims for excellent service, client satisfaction, and sustainable growth. It has around 3,700 financial centers and 15,000 ATMs in the U.S., along with top-notch digital banking services. Globally, Bank of America is also a key player in asset management, trading, and risk management.
Bank of America Fiscal Q3 2025
Bank of America (BAC) reported third-quarter 2025 net income of $8.5 billion, with earnings per share of $1.06, both exceeding analyst estimates.
Revenue rose 11% year-over-year to $28.1 billion, driven by strong performance across core banking operations.
Net interest income grew 9% to $15.2 billion ($15.4 billion on a fully taxable equivalent basis), reflecting solid loan and deposit growth. Investment banking fees surged 43% from the prior year, surpassing $2 billion, underscoring the strength of the bank’s market-facing businesses and continued momentum in advisory and underwriting activity.
Highlights:
- Net income rose to $8.5 billion from $6.9 billion
- Diluted EPS increased 31% to $1.06 from $0.81
- Revenue (net of interest expense) grew 11% to $28.1 billion, driven by higher net interest income, investment banking, asset management fees, and sales and trading
- Net interest income rose 9% to $15.2 billion, supported by Global Markets activity, fixed-rate asset repricing, and higher deposit and loan balances
- Fifth consecutive quarter of sequential net interest income growth
- Noninterest expense increased 5% to $17.3 billion due to higher revenue-related costs and investments in people, brand, and technology
- Efficiency ratio improved by 329 basis points to 62%; up 1% from 2Q25
- Return on average common equity was 11.5%; return on average tangible common equity was 15.4%
- Average deposit balances rose 4% to $1.99 trillion, marking the ninth straight quarter of sequential growth
- Average loans and leases increased 9% to $1.15 trillion, with growth across all business segments
- Returned $7.4 billion to shareholders, including $2.1 billion in dividends and $5.3 billion in share repurchases; quarterly dividend increased 8%
- Consumer Banking reported net income of $3.4 billion and revenue of $11.2 billion, up 7%
- Global Wealth and Investment Management posted net income of $1.3 billion and revenue of $6.3 billion, up 10%
- Global Banking earned $2.1 billion; total investment banking fees surged 43% to over $2 billion
- Global Markets delivered net income of $1.6 billion; sales and trading revenue rose 9%; investment banking fees
Board Statements
Chair and CEO Brian Moynihan reported that strong net income growth propelled third-quarter diluted earnings per share up 31% compared to the previous year.
This performance led to notable improvements in returns on assets and equity. Revenue increased by 11% year-over-year, driven by robust loan and deposit growth and strategic balance sheet positioning, which together delivered record net interest income.
Market-facing businesses also contributed with strong fee performance. As revenue growth significantly outpaced expense growth, the company achieved solid operating leverage and maintained an efficiency ratio below 62%. With sustained organic growth, all business lines posted improvements in both top and bottom-line results. Moynihan expressed gratitude to the team for delivering a strong quarter.
Impact on the Market
Bank of America’s stock (BAC) jumped 4.8% after it reported strong third-quarter earnings that beat expectations. The bank posted $8.5 billion in net income and earnings per share of $1.06, up 31% from last year.
Revenue rose 11% to $28.1 billion, driven by growth in net interest income, investment banking, and trading. Investment banking fees alone surged 43% to over $2 billion. The solid results across all business segments boosted investor confidence and pushed the stock higher.
