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 2025 Annual Report on Form 10-K.

Net income for Global Banking increased $163 million to $2.1 billion for the three months ended March 31, 2026 compared to the same period in 2025 driven by higher revenue, partially offset by higher noninterest expense and higher provision for credit losses.

Net interest income increased $79 million to $3.2 billion primarily due to the benefit of higher average deposit and loan balances, partially offset by the impact of lower interest rates.

Noninterest income increased $216 million to $3.1 billion primarily due to higher investment banking fees, revenue from tax-related equity investment activity and higher treasury service charges, partially offset by gains related to sales of certain leveraged finance positions in the prior-year period.

The provision for credit losses increased $31 million to $185 million primarily driven by loan growth in the commercial and industrial portfolio and a qualitative reserve build related to uncertainties associated with the ongoing conflicts in the Middle East, partially offset by improved asset quality within the commercial real estate portfolio.

Noninterest expense was $3.2 billion, relatively unchanged from the same period a year ago.

The return on average allocated capital was 16 percent, up from 15 percent, due to higher net income, partially offset by an increase in allocated capital. For 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 results, which exclude certain investment banking and other activities in Global Banking.

Business Lending revenue increased $165 million for the three months ended March 31, 2026 compared to the same period in 2025 primarily driven by tax-related equity investment activity in affordable housing and renewable energy.

Global Transaction Services revenue increased $205 million for the three months ended March 31, 2026 compared to the same period in 2025 primarily driven by the benefit of higher average deposit balances and higher treasury service charges, partially offset by the impact of lower interest rates.

Average loans and leases of $396.9 billion increased five percent for the three months ended March 31, 2026 compared to the same period in 2025 due to client demand. Average deposits of $647.6 billion increased 13 percent due to growth in deposit balances from existing clients and the addition of new clients.

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, which exclude self-led deals and are primarily included within Global Banking and Global Markets, increased 21 percent to $1.8 billion for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to higher advisory fees, equity issuance and debt issuance fees.

13 Bank of America