BANK OF AMERICA CORP /DE/

GWIM consists of two primary businesses: Merrill Wealth Management and Bank of America Private Bank. For more information on GWIM, see Business Segment Operations in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.

Net income for GWIM increased $204 million to $1.3 billion primarily due to higher revenue, partially offset by higher noninterest expense. The operating margin was 27 percent compared to 25 percent.

Net interest income increased $91 million to $1.8 billion primarily driven by loan growth.

Noninterest income, which primarily includes investment and brokerage services income, increased $459 million to $4.5

billion. The increase was primarily driven by higher asset management fees, which increased 12 percent to $3.9 billion, due to higher average equity market valuations and the impact of positive AUM flows.

Noninterest expense increased $282 million to $4.6 billion primarily due to higher revenue-related incentives and investments in people.

The return on average allocated capital was 26 percent, up from 23 percent, primarily 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 $20.2 billion to $245.5 billion primarily driven by custom lending, securities-based

13 Bank of America

lending and residential mortgage. Average deposits decreased $3.5 billion to $276.5 billion primarily driven by clients moving deposits to higher yielding investment cash alternatives, including offerings on our investment and brokerage platforms, as well as a higher level of client tax payments.

Merrill Wealth Management revenue of $5.3 billion increased 10 percent primarily driven by higher asset management fees due to higher average equity market valuations and the impact of positive AUM flows.

Bank of America Private Bank revenue of $1.1 billion increased eight percent primarily driven by higher net interest income from deposit and loan growth, as well as higher asset management fees due to higher average equity market valuations and the impact of positive AUM flows.

Net income for GWIM increased $173 million to $3.3 billion primarily due to the same factors as described in the three-month discussion. The operating margin was 24 percent at both September 30, 2025 and 2024.

Net interest income increased $111 million to $5.3 billion primarily due to the same factor as described in the three-month discussion.

Noninterest income, which primarily includes investment and brokerage services income, increased $1.2 billion to $12.9 billion due to the same factors as described in the three-month discussion.

Noninterest expense increased $1.1 billion to $13.9 billion primarily driven by revenue-related incentives and investments in the business, including people and technology.

The return on average allocated capital was 22 percent, unchanged from the same period a year ago.

Average loans and leases increased $16.2 billion to $238.5 billion due to the same factors as described in the three-month discussion.

Average deposits decreased $8.4 billion to $279.9 billion due to the same factors as described in the three-month discussion.

Merrill Wealth Management revenue of $15.2 billion increased eight percent, and Bank of America Private Bank revenue of $3.0 billion increased six percent primarily driven by the same factors as described in the three-month discussion.

(1)Includes margin receivables, which are classified in customer and other receivables on the Consolidated Balance Sheet.

Client Balances

Client balances increased $446.9 billion, or 11 percent, to $4.6 trillion at September 30, 2025 compared to September 30, 2024. The increase in client balances was primarily due to the impact of higher market valuations and positive net client flows.