Bank of America Corp (NYSE:BAC) has just released its financial report for the second quarter of 2024.
The Global Markets segment posted net revenue of $1.4 billion, including and excluding net DVA.
Global Markets revenue was $5.5 billion in the quarter to the end of June 2024, up 12% from the year-ago period, driven by higher sales and trading income and investment banking fees.
Sales and trading revenue rose 9% to $4.7 billion, including net charge-off valuation adjustment (DVA) losses of $1 million. Fixed income, currencies and commodities (FICC) income rose 3% to $2.7 billion and equity income rose 20% to $1.9 billion.
Across all segments, net income was $6.9 billion, or $0.83 per diluted share, compared to $7.4 billion, or $0.88 per diluted share, in 2Q13.
Net interest income of $25.4 billion increased $180 million, or 1%, reflecting higher asset management and investment banking fees, as well as sales and trading income and lower net interest income (NII).
President and CEO Brian Moynihan commented:
“Our team delivered another strong quarter serving a growing customer base. The strength and earnings strength of our leading Consumer Banking business is complemented by the growth and profitability of our Global Markets, Global Banking and Wealth Management businesses. Our Global Markets business posted its ninth consecutive quarter of year-over-year revenue growth in sales and trading, earning double-digit returns. Our investments in this business are paying off for our shareholders.”