BANK OF AMERICA CORP DE

Global Banking, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through our network of global offices and client relationship teams. For more information about Global Banking, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.

Net income for Global Banking decreased $569 million to $2.0 billion for the three months ended March 31, 2024 compared to the same period in 2023 driven by higher provision for credit losses, lower revenue and higher noninterest expense.

Net interest income decreased $447 million to $3.5 billion primarily due to the impact of interest rates, partially offset by the benefit of higher average deposit balances.

Noninterest income increased $224 million to $2.5 billion driven by higher investment banking fees and higher treasury service charges.

The provision for credit losses increased $466 million to $229 million primarily driven by commercial real estate office exposure in the current-year period compared to a benefit in the prior-year period due to certain improved macroeconomic conditions.

Noninterest expense increased $72 million to $3.0 billion primarily due to continued investments in the business, including technology.

The return on average allocated capital was 16 percent, down from 21 percent, due to lower net income. For more information on capital allocated to the business segments, see Business Segment Operations on page 8.

Global Corporate, Global Commercial and Business Banking

The following table and discussion present a summary of the results, which exclude certain investment banking and other activities in Global Banking.

Business Lending revenue increased $70 million for the three months ended March 31, 2024 compared to the same period in 2023 primarily driven by tax credit activity in affordable housing and renewable energy.

Global Transaction Services revenue decreased $399 million for the three months ended March 31, 2024 primarily driven by the impact of interest rates, partially offset by the benefit of higher average deposit balances and higher treasury service charges.

Average loans and leases decreased two percent for the three months ended March 31, 2024 due to lower client demand. Average deposits increased seven percent due to growth in both domestic and international balances.

Global Investment Banking

Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions. The economics of certain investment banking and underwriting activities are shared primarily between Global Bankingand Global Markets under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the table below presents total Corporation investment banking fees and the portion attributable to Global Banking.

Total Corporation investment banking fees of $1.6 billion, which exclude self-led deals and are primarily included within Global Banking and Global Markets, increased 35 percent for the three months ended March 31, 2024 compared to the same period in 2023. The increase was primarily due to higher debt and equity issuance fees.

13 Bank of America