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 increased $231 million to $2.1 billion primarily driven by higher revenue, partially offset by higher noninterest expense and higher provision for credit losses.

Net interest income decreased $89 million to $3.1 billion primarily due to the impact of lower interest rates, partially offset by the benefit of higher average deposit and loan balances.

Noninterest income increased $500 million to $3.1 billion primarily due to higher investment banking fees and treasury service charges.

The provision for credit losses increased $40 million to $269 million primarily driven by the commercial and industrial portfolio, partially offset by improvement within the commercial real estate office portfolio.

Noninterest expense increased $53 million to $3.0 billion primarily due to continued investments in the business, including people.

The return on average allocated capital was 17 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 11.

Net income for Global Banking decreased $259 million to $5.7 billion primarily driven by higher noninterest expense, partially offset by higher revenue.

Net interest income decreased $592 million to $9.4 billion primarily due to the same factors as described in the three-month discussion.

Noninterest income increased $637 million to $8.5 billion primarily due to sales of certain leveraged finance positions, higher investment banking fees and higher treasury service charges, partially offset by lower leasing-related revenue.

The provision for credit losses of $700 million for the nine months ended September 30, 2025, was relatively unchanged from the prior year, as improved asset quality in commercial real estate was offset by the commercial and industrial portfolio.

Noninterest expense increased $396 million to $9.3 billion primarily due to continued investments in the business, including technology, operations and people.

The return on average allocated capital was 15 percent, down from 16 percent, due to lower net income and an increase in allocated capital.

15 Bank of America

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 $113 million for the three months ended September 30, 2025 compared to the same period a year ago primarily driven by lower net interest income and leasing-related revenue. Business Lending revenue decreased $782 million for the nine months ended September 30, 2025 compared to the same period a year ago primarily driven by the same factors as described in the three-month discussion.

Global Transaction Services revenue increased $159 million for the three months ended September 30, 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. Global Transaction Services revenue increased $261 million for the nine months ended September 30, 2025 primarily driven by the same factors as described in the three-month discussion.

Average loans and leases of $388 billion increased five percent for the three months ended September 30, 2025, and average loans and leases of $385 billion increased three percent for the nine months ended September 30, 2025 due to client demand.

Average deposits of $632 billion increased 15 percent for the three months ended September 30, 2025, and average deposits of $604 billion increased 13 percent for the nine months ended September 30, 2025 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 following table 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, were $2.0 billion and $5.0 billion for the three and nine months ended September 30, 2025. The three-month period increased 43 percent compared to the same period in 2024 primarily due to higher debt issuance, advisory and equity issuance fees. The nine-month period increased 10 percent compared to the same period in 2024 primarily due to higher debt issuance and advisory fees, partially offset by lower equity issuance fees.