Bank of America Corporation (BAC) UBS Financial Services Conference (Transcript)

Bank of America Corporation (NYSE:BAC) UBS Financial Services Conference February 11, 2025 1:50 PM ET

Company Participants

Holly O’Neill – President, Retail Banking

Conference Call Participants

Erika Najarian – UBS

Erika Najarian

All right everybody. Good afternoon. Very excited for our next guest Holly O’Neill, President of Retail Banking at Bank of America. Welcome Holly.

Holly O’Neill

Thank you. Great to be here.

Question-and-Answer Session

Q – Erika Najarian

Great to see — have you. So, Holly you sit in the management team of one of the largest banks in the country and you just reported fourth quarter earnings a couple of weeks ago. So, maybe give us your thoughts on the results.

Holly O’Neill

Sure. So, I think Erika good quarter, good year for the company overall. So, we reported $27.1 billion in earnings, $100 billion in revenue. We saw good revenue growth across all our businesses, really good organic growth. We saw good fee-based growth along with NII. So, I think overall the company had a good year and good momentum in the fourth quarter.

And from a consumer vantage point, so the consumer business, obviously, contributes a big piece of that pie. So, we made $10 billion in the year. But if you look at the consumer business over the last decade, we’ve contributed $100 billion of earnings to the company. So, it’s a big piece of the pie.

And I think from a consumer perspective, for the business, we’re seeing really good organic growth. We’ve seen deposits and loans grow overall. So, that tells me good momentum. The consumer is healthy. We’re not seeing anything from a credit perspective that you wouldn’t expect to see at this point in the cycle. So, I think overall, the company had a really good year and the consumer business had a really good contribution to that.