BANK OF AMERICA CORP /DE/

Consumer Banking offers a diversified range of lending, deposit and investment products and services to consumers and small businesses. For more information about Consumer Banking, see Business Segment Operations in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.

Consumer Banking Results

Net income for Consumer Banking increased $750 million to $3.4 billion primarily due to higher revenue and lower provision

for credit losses, partially offset by higher noninterest expense. Net interest income increased $710 million to $9.0 billion primarily driven by higher deposit spreads, as well as loan and deposit balances. Noninterest income was $2.2 billion, relatively unchanged from the same period a year ago.

The provision for credit losses decreased $293 million to $1.0 billion primarily due to improved asset quality in credit card. Noninterest expense increased $41 million to $5.6 billion primarily driven by investments in the business, including people.

11 Bank of America

The return on average allocated capital was 31 percent, up from 25 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 11.

Average loans and leases increased $6.5 billion to $320.3 billion due to growth across all products.

Average deposits increased $9.1 billion to $947.4 billion primarily due to growth in time deposits of $15.5 billion and net inflows of $11.2 billion in checking, partially offset by net outflows of $17.6 billion in money market and other savings.

Net income for Consumer Banking increased $1.0 billion to $8.9 billion due to higher revenue and lower provision for credit losses, partially offset by higher noninterest expense. Net interest income increased $1.6 billion to $26.2 billion primarily driven by higher deposit spreads and loan balances, partially offset by one less day of interest accrual. Noninterest income was $6.3 billion, largely unchanged from the same period a year ago.

The provision for credit losses decreased $150 million to $3.6 billion driven by improved asset quality in credit card,

partially offset by the dampened macroeconomic outlook. Noninterest expense increased $495 million to $17.0 billion primarily driven by investments in the business, including operations, people and technology.

The return on average allocated capital was 27 percent, up from 25 percent, due to higher net income, partially offset by an increase in allocated capital.

Average loans and leases increased $5.2 billion to $318.2 billion due to the same factor as described in the three-month discussion.

Average deposits increased$2.3 billion to $949.0 billion primarily due to growth in time deposits of $18.4 billion and net inflows of $6.9 billion in checking, partially offset by net outflows of $22.9 billion in money market and other savings.

Consumer investment assets increased $83.8 billion to $580.4 billion driven by higher market valuations and positive net client flows.

Key Statistics

The table below provides key performance indicators for deposit spreads, other period-end information, credit and debit card and loan production activities.

(1)Includes client brokerage assets, deposit sweep balances, brokered CDs and AUM in Consumer Banking.

(2)Represents mobile and/or online active users over the past 90 days.

(3)Represents mobile active users over the past 90 days.

(4)Includes consumer credit card portfolios in Consumer Banking and GWIM.

(5)Calculated as the effective annual percentage rate divided by average loans.

(6)Calculated as the difference between total revenue, net of interest expense, and net charge-offs divided by average loans.

(7)The loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.

(8)In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.

Active mobile banking users increased approximately two million, reflecting client growth and continuing changes in our clients’ banking preferences. We had a net decrease of 92 financial centers and an increase of 20 ATMs as we continued to optimize our consumer banking network.

During the three months ended September 30, 2025, the total risk-adjusted margin increased 26 bps primarily driven by lower net charge-offs and higher net interest margin. During the nine months ended September 30, 2025, the total risk-adjusted margin increased 15 bps primarily driven by higher net interest margin and fee income, partially offset by higher net charge-offs. During the three and nine months ended September 30, 2025, total credit card purchase volumes increased $2.5 billion and $5.2 billion, and debit card purchase volumes increased $10.7

billion and $27.4 billion, reflecting higher levels of consumer spending.

During the three and nine months ended September 30, 2025, first mortgage loan originations for Consumer Banking increased $368 million and $893 million, and first mortgage loan originations for the total Corporation increased $1.4 billion and$3.3 billion for the same periods, primarily driven by higher demand.

During the three and nine months ended September 30, 2025, home equity production in Consumer Banking increased $429 million and $877 million, and home equity production for the total Corporation increased $511 million and $1.2 billion for the same periods, primarily driven by higher demand.