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 $348 million to $2.0 billion due to higher revenue and lower provision for credit losses, partially offset by higher noninterest expense.

Net interest income increased $117 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 $430 million to $3.0 billion primarily due to higher investment banking fees and treasury service charges.

The provision for credit losses decreased $62 million to $215 million primarily driven by improved asset quality within the commercial real estate portfolio.

Noninterest expense increased $129 million to $3.2 billion primarily due to continued investments in the business, including people and technology.

Net income for Global Banking increased $511 million to $4.1 billion due to higher revenue and lower provision for credit losses, partially offset by higher noninterest expense.

Net interest income increased $196 million to $6.4 billion primarily due to the same factors as described in the three-month discussion.

Noninterest income increased $646 million to $6.1 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 decreased $31 million to $400 million primarily driven by improved asset quality within the commercial real estate portfolio, partially offset 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.

Noninterest expense increased $168 million to $6.4 billion, primarily due to the same factors as described in the three-month discussion.

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 decreased $141 million for the three months ended June 30, 2026 compared to the same period a year ago primarily driven by the impact of lower interest rates, partially offset by the benefit of higher average loan balances. Business Lending revenue increased $24 million for the six months ended June 30, 2026 compared to the same period a year ago primarily driven by higher tax-related equity investment activity across the portfolios, as well as the benefit of higher average loan balances, largely offset by the impact of lower interest rates.

Global Transaction Services revenue increased $271 million for the three months ended June 30, 2026 primarily driven by the benefit of higher average deposit balances and treasury service charges, partially offset by the impact of lower interest rates. Global Transaction Services revenue increased $476 million for the six months ended June 30, 2026 primarily driven by the same factors as described in the three-month discussion.

Average loans and leases of $413.3 billion increased seven percent for the three months ended June 30, 2026, and average loans and leases of $405.2 billion increased six percent for the six months ended June 30, 2026 due to client demand.

Average deposits of $651.9 billion increased eight percent for the three months ended June 30, 2026, and average deposits of $649.7 billion increased 10 percent for the six months ended June 30, 2026 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.

15 Bank of America

Total Corporation investment banking fees, which exclude self-led deals and are primarily included within Global Banking and Global Markets, were $2.1 billion and $4.0 billion for the three and six months ended June 30, 2026. The three-month period increased 50 percent compared to the same period in 2025 due to higher debt issuance, advisory and equity issuance fees. The six-month period increased 35 percent compared to the same period in 2025 due to higher advisory, debt issuance and equity issuance fees.