Bank of America Reports Quarterly Earnings of $3.5 Billion, EPS of $0.37 Provision for Credit Losses of $5.1 Billion Includes a $4.0 Billion Reserve Build(A) CET1 Ratio 11.4%, Average Global Liquidity Sources Grew $244 Billion to $796 Billion(B,C) Q2-20 Financial Highlights1 Q2-20 Business Segment Highlights(1,2,D) • Net income of $3.5 billion, or $0.37 per diluted Consumer Banking share, includes the impact of a $4.0 billion reserve • Net income of $71 million, impacted by a reserve build and lower NII build primarily associated with a weaker economic outlook related to COVID-19 • Loans up 8% to $322 billion; deposits up 15% to $811 billion • Consumer investment assets up 12% to $246 billion, driven by flows – Pretax income declined 58% to $3.8 billion of $23 billion since Q2-19 and market performance – Pretax, pre-provision income down 9% to $8.9 3 • Client Support Actions: billion – Completed ~334,000 Paycheck Protection Program (PPP) loans YTD • Provision for credit losses increased to $5.1 billion, to deliver $25 billion in funding to small business owners driven by $4.0 billion reserve build – Processed ~1.8 million payment deferrals YTD, of which ~1.7 • Revenue, net of interest expense, decreased 3% to million were still in place as of July 9 $22.3 billion Global Wealth and Investment Management – Net interest income (NII)(E) declined 11% to $10.8 billion, driven by lower interest rates, • Net income of $624 million partially offset by loan and deposit growth • Client balances increased 1% to $2.9 trillion, driven by client flows – Noninterest income rose 5% to $11.5 billion, led – AUM flows of $4 billion in Q2-20 by strong capital markets results • Loans up 10% to $182 billion; deposits up 13% to $287 billion • Noninterest expense increased 1% to $13.4 billion; • Merrill added nearly 6,000 net new households, and Private Bank efficiency ratio of 60% added nearly 500 net new relationships • Client Support Actions: • Loan and lease balances in the business segments – 77% of Wealth Management clients used online or mobile platform rose $96 billion, or 11%, to $1.0 trillion – WebEx meetings hosted by Merrill Lynch Wealth Management • Deposits rose $282.7 billion, or 21%, to $1.7 Financial Advisors up 419% trillion – Private Bank teams averaged 1,900 client interactions/day • Common equity tier 1 (CET1) ratio increased from the prior quarter to 11.4% (Advanced approaches), Global Banking versus 9.5% required minimum(B) • Net income of $726 million • Book value per common share rose 6% to $27.96; • Record firmwide investment banking fees (excl. self-led) up 57% to tangible book value per common share rose 5% to $2.2 billion; No. 3 ranking in investment banking fees(F) $19.90(4) • Loans up 14% to $424 billion; deposits up 36% to $494 billion From Chairman and CEO Brian Moynihan: • Client Support Actions: "In the most tumultuous period since the Great – Approved nearly $160 billion in new or expanded commercial Depression, we delivered for our clients, our commitments across business segments in the first half of 2020 employees, our communities and our shareholders. – Raised $461 billion in capital in first-half 2020 on behalf of clients – Issued $1 billion social bond; first bond issued by a U.S. commercial "Strong capital markets results provided an important bank entirely focused on fighting COVID-19 counterbalance to the COVID-19-related impacts on Global Markets our Consumer business, and our industry-leading digital capabilities allowed us to support clients amid • Net income of $1.9 billion difficult working conditions. • Sales and trading revenue of $4.2 billion, including net debit valuation adjustments (DVA) losses of $261 million "We provided billions in credit to clients; announced a • Excluding net DVA, sales and trading revenue increased 35% to $4.4 $1 billion, four-year commitment to drive economic billion(G) and racial equality in our communities; strengthened – FICC increased 50% to $3.2 billion(G) our balance sheet by increasing deposits, capital and (G) – Equities increased 7% to $1.2 billion loan loss reserves; invested in technology and • Client Support Action: equipment to help keep our employees safe; and delivered for shareholders, earning more than twice – Supported clients by providing liquidity and a strong and resilient our quarterly dividend." trading platform during period of heightened market activity See page 10 for endnotes. 1 Financial Highlights and Business Segment Highlights are compared to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted. 2 The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. 3 Pretax, pre-provision income (PTPI) represents a non-GAAP financial measure. For more information, see endnote H on page 10. 4 Tangible book value per common share represents a non-GAAP financial measure. For more information, see page 18. 1


The following information was filed by Bank Of America Corp (BAC) on Thursday, July 16, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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