BANK OF AMERICA CORP DE

Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. For more information about Global Markets, see Business Segment Operations in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.

The following explanations for period-over-period changes in results for Global Markets, including those disclosed under Sales and Trading Revenue, are the same for amounts including and excluding net DVA. Amounts excluding net DVA are non-GAAP financial measures. For more information on net DVA, see Supplemental Financial Data on page 5.

Net income for Global Markets increased $226 million to $1.9 billion for the three months ended March 31, 2025 compared to the same period in 2024. Net DVA gains were $19 million compared to losses of $85 million in 2024. Excluding net DVA, net income increased $147 million to $1.9 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.

Revenue of $6.6 billion included higher sales and trading revenue and realized gains of approximately $230 million in

other income primarily related to sales of certain leveraged finance positions. Sales and trading revenue increased $572 million, and excluding net DVA, increased $468 million. These increases were driven by higher revenue in both Equities and FICC.

Noninterest expense increased $319 million to $3.8 billion, primarily driven by higher revenue-related expenses and continued investments in the business, including people and technology.

Average total assets increased $74.0 billion to $969.3 billion for the three months ended March 31, 2025 compared to the same period in 2024 driven by higher levels of inventory, loan growth and increased financing activity. Period-end total assets increased $82.9 billion from December 31, 2024 to $959.5 billion driven by the same factors as average total assets.

The return on average allocated capital was 16 percent, up from 15 percent, reflecting 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.

Sales and Trading Revenue

For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K. The following table and related discussion present sales and trading revenue, substantially all

of which is in Global Markets, with the remainder in Global Banking. In addition, the following table and related discussion also present sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 5.

(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.

(2)Includes FTE adjustments of $77 million and $149 million for the three months ended March 31, 2025 and 2024.

(3)Includes Global Banking sales and trading revenue of $(37) million and $144 million for the three months ended March 31, 2025 and 2024.

(4)FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA gains (losses) were $15 million and $(76) million for the three months ended March 31, 2025 and 2024. Equities net DVA gains (losses) were $4 million and $(9) million for the three months ended March 31, 2025 and 2024.

Including and excluding net DVA, FICC revenue increased $247 million and $156 million for the three months ended March 31, 2025 compared to the same period in 2024 driven by strong trading performance in macro products and continued strength in credit trading. Including and excluding net DVA, Equities revenue increased $325 million and $312 million driven by improved trading performance and increased client activity.