Thursday, January 16, 2025

Bank of America (BAC) reported their earnings for 2024 this morning and Calcbench has all the data you might want. Net Income increased by $637M in 2024 compared to 2023, an increase of 2.56%. Digging deeper, it is interesting to note that this increase in Net Income is in spite of a substantial increase in their net charge offs. Net charge offs increased from $3.799B in 2023 to $6.031B in 2024, an increase of $2.232B or 58.75%.


An even deeper dive into the numbers allows us to examine the areas in which BAC is experiencing these charge offs. The vast majority seem to stem from the consumer banking segment, specifically, credit cards. Net charge offs on credit cards increased from $2.561B in 2023 to $3.745B in 2024, an increase of $1.184B or 46.23%.


Some other areas also showed some significant increases. For example, Commercial Real Estate related charge offs increased by 252% (from $245M in 2023 to $864M in 2024), U.S. Commercial related charge offs increased by 213% (from $124M in 2023 to $388M in 2024).



Interested in seeing more? Here is the link to the data used for this post: http://sheet.calcbench.com/?publicID=e0f6b09823f06f5e896c978344d55a368a6d4eade4e8f6072bdca5bd8578c0f9.

Want even more information? Reach out to us@calcbench.com


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