In line with the good results posted by the major US banks, Bank of America is no exception to the rule. Revenues and EPS exceed expectations, and management has succeeded in reassuring the markets with a solid message.

Despite the turbulence caused by Donald Trump's trade policy, the bank has seen an improvement in its main financial indicators. Revenues stand at $27.4bn, up 6%. Net profit is up 10%, at $7.4bn, or $0.90 per share (compared with an expected $0.81).

Review by key segments

  • Retail banking: $10.5bn (+3%)

  • Wealth management: $6bn (+8%), supported by an increase in management fees. Bank of America is one of the few large American banks to show growth in this segment.

  • Investment banking (advisory and financing): $6bn (stable). Fees fell 3% to $1.5bn, as was the case with most competitors.

  • Global markets (trading in shares, bonds, commodities, etc.): $6.6bn (+12%), driven by volatility. Share trading jumped 17% to $2.2bn. Income from bonds, currencies and commodities increased by 5%, to $3.5bn.

  • Net interest income (NII): $14.4bn (+3%). This indicator, which measures the difference between interest received on loans and paid on deposits, remains positive for the country's second largest lender.

Management outlook

The bank is maintaining its forecast for Q4: $15.7bn in net interest income. Management notes that the rate cuts made in 2024 have helped restore confidence among borrowers.

During the press conference, the CFO delivered an analysis of the market: no recession in sight according to the research teams, but an economy in "slow growth". CEO Brian Moynihan emphasized the robustness of demand and the strength of credit, signs of a still dynamic US economy.

"Even if we are operating in a changing economy, our disciplined investments, the diversity of our activities and our constant attention to responsible growth will continue to be our strength."

But the uncertainty surrounding US trade policy is weighing on investment banking activity. Teams, once optimistic about Donald Trump's decisions, are now adopting a more cautious stance. The CFO acknowledges that market conditions have tightened in this sector.

In line with the other major US banks, Bank of America has therefore had a good quarter. But the future looks more challenging, with reduced visibility in several key revenue segments