Bank of America (BAC) 2024 Q1 Earnings Review

Bank of America (BAC) 2024 Q1 Earnings Review
Photo by Rubaitul Azad / Unsplash

DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by any UK recipients. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Cestrian Capital Research, Inc., its employees, agents or affiliates, including the author of this note, or related persons, may have a position in any stocks, security, or financial instrument referenced in this note. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice. Companies referenced in this note or their employees or affiliates may be customers of Cestrian Capital Research, Inc. Cestrian Capital Research, Inc. values both its independence and transparency and does not believe that this presents a material potential conflict of interest or impacts the content of its research or publications.

Revenue up QoQ, but I want to see more growth to get excited

Bank of America’s total revenue improved on Q4’s misstep by 0.6%, but was still down 1.7% YoY.

The improvement was driven by higher investment banking fees, asset management fees, and sales & trading revenue. Together they pulled a 47% improvement from Q4, although flat compared with Q1 2023.