Bank of America Q3 EPS Misses Forecast After $1.2 Billion Fine

Bank of America (NYSE: BAC ) held its third-quarter earnings conference call on Wednesday. Below is the complete transcript from the call. APIs provide real-time access to earnings call transcripts and financial data. Visit to learn more. View the webcast at Summary Bank of America reported third-quarter net income of $6.9 billion, or $0.91 per share, with an adjusted net income of $8.1 billion, or $1.08 per share, after excluding a $1.2 billion regulatory settlement charge. The company experienced growth in its consumer and commercial banking sectors, with a 5% increase in card balances and $41 billion in wealth management flows. Net interest income rose 8% year over year, driven by higher loan and deposit growth, with the bank maintaining strong capital and liquidity positions. The balance sheet remained robust with total assets at $3.4 trillion, and deposits increased to $2 trillion, with loans up $34 billion compared to Q2. Bank of America anticipates net interest income to continue growing with expectations of an 8% increase for 2027, driven by loan and deposit growth. Operational highlights include continued investment in technology and AI to enhance productivity, with a focus on growing fee-based businesses and maintaining disciplined expense management. Management addressed the impact of regulatory compliance issues and emphasized that related expenses are now part of the ongoing cost structure, with no expected impact on operations. The company plans to maintain its capital management strategy, balancing client growth support with shareholder returns through dividends and share repurchases. Full Transcript OPERATOR Hello and welcome, everyone, joining today's Bank of America earnings announcement. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. You may register to ask a question at any time by pressing star 1 on your telephone keypad. Please note this call is being recorded. If you should need any assistance, we are standing by. It is now my pleasure to turn the meeting over to Lee McEntire of Bank of America. Thank you. Lee McEntire, Investor Relations Good morning, everyone, and thanks for joining us to talk through our third-quarter results. I'm joined by Brian Moynihan, our Chair and CEO, and Alistair Borthwick, our CFO. As always, the earnings release and presentation are posted on the Investor Relations section of bankofamerica.com, and we'll reference those materials during the call. Before we begin, a quick reminder: during the call we may make forward-looking statements and refer to non-GAAP financial measures. These reflect management's current views and are subject to risks and uncertainties. Those are outlined along with the relevant GAAP reconciliations in our earnings materials and SEC filings on our website. With that, I'll turn it over to you, Brian. Brian Moynihan, Chair and CEO Good morning and thank you for joining u