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 2024 Annual Report on Form 10-K.

Net income for Global Banking decreased $73 million to $1.9 billion for the three months ended March 31, 2025 compared to the same period in 2024 driven by higher noninterest expense, partially offset by lower provision for credit losses.

Net interest income decreased $309 million to $3.2 billion primarily due to the impact of interest rates, partially offset by the benefit of higher average deposit balances.

Noninterest income of $2.8 billion included realized gains of approximately $230 million in other income primarily related to sales of certain leveraged finance positions, as well as higher

treasury service charges, partially offset by lower leasing-related revenue compared to the same period in 2024.

The provision for credit losses decreased $75 million to $154 million primarily driven by improved asset quality within the commercial real estate office portfolio.

Noninterest expense increased $172 million to $3.2 billion primarily due to continued investments in the business, including technology and operations.

The return on average allocated capital was 15 percent, down from 16 percent, due to lower net income and 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 the results, which exclude certain investment banking and other activities in Global Banking.

Business Lending revenue decreased $307 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily driven by lower net interest income and lower leasing-related revenue.

Global Transaction Services revenue increased $14 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily driven by the benefit of higher average deposit balances and higher treasury service charges, largely offset by the impact of lower interest rates.

Average loans and leases of $378.6 billion increased one percent for the three months ended March 31, 2025 compared to the same period in 2024 due to client demand. Average deposits of $575.2 billion increased nine 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 $1.5 billion, which exclude self-led deals and are primarily included within Global Banking and Global Markets, decreased three percent for the three months ended March 31, 2025 compared to the same period in 2024. The decrease was primarily due to lower equity insurance fees, partially offset by higher debt and advisory fees.

13 Bank of America