Bank of America Results Presentation Deck
All Other¹
Summary Income Statement ($MM)
Total revenue, net of interest expense
Provision (benefit) for credit losses
Noninterest expense
Pretax income
Pretax, pre-provision income²
Income tax (benefit)
Net income (loss)
ill
3Q22
($799)
(58)
716
(1,457)
(1,515)
(1,176)
($281)
Inc/(Dec)
2Q22
$487
(33)
185
335
302
298
$37
3Q21
$246
(10)
364
(108)
(118)
118
($226)
Net loss of $281MM, compared to net loss of $55MM
in 3Q21, driven primarily by higher litigation expense
as a result of the legacy monoline insurance
settlement and the realignment of a liquidating
business activity from Global Markets to All Other³
in 4Q21
Total corporate effective tax rate (ETR) for the
quarter was 14.7%, driven by recurring ESG tax credit
benefits
-
ETR includes $152MM net reduction in tax credit
benefits, as certain solar investment tax credits
recognized in 1H22 were reversed and replaced
with production tax credits, which are now
available under the Inflation Reduction Act and are
expected to be claimed
Excluding ESG tax credits, the ETR would have
been approximately 24%
¹ All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses, and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and
foreign currency risk management activities for which substantially all of the results are allocated to our business segments.
2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 32. For important presentation information, see slide 35.
3 For more information on the liquidating business realignment, see note F on slide 32.
19View entire presentation