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BANK OF AMERICA Bank of America Reports Q1 Net Income of $ 8.1 Billion , EPS of $ 0.86 Provision for Credit Losses Benefit of $ 1.9 Billion Reflects a $ 2.7 Billion Reserve Release ( A ) CET1 Ratio Improved to 11.8 % , Average Deposits up $ 366 Billion to $ 1.8 Trillion ( B ) Q1-21 Financial Highlights ' Net income of $ 8.1 billion , or $ 0.86 per diluted share Revenue , net of interest expense , increased 0.2 % to $ 22.8 billion - Net interest income ( NII ) ( D ) declined 16 % to $ 10.2 billion , driven primarily by lower interest rates Noninterest income rose 19 % to $ 12.6 billion , reflecting strong capital markets results , as well as higher investment and brokerage income Provision for credit losses decreased $ 6.6 billion to a benefit of $ 1.9 billion , reflecting a reserve release of $ 2.7 billion amid an improved macroeconomic outlook and balance declines ( A ) • Noninterest expense rose 15 % to $ 15.5 billion , driven by elevated net COVID - 19 costs ; an acceleration of expenses due to incentive compensation award changes ; an impairment charge for real estate rationalization ; higher revenue - related expenses ; higher severance costs and special compensation awards for associates Loan and lease balances in the business segments declined 7 % to $ 887 billion , driven primarily by declines in commercial loans and lower card balances • • • • • • • Deposits rose $ 366 billion , or 25 % , to $ 1.8 trillion Common equity tier 1 ( CET1 ) ratio increased 102 basis points YoY to 11.8 % ( Standardized ) ( B ) Average Global Liquidity Sources rose $ 438 billion , or 78 % , to a record $ 1.0 trillion , reflecting strong deposit balance growth ( E ) Returned $ 5 billion of capital to shareholders through common dividends and share repurchases Return on average common shareholders ' equity ratio of 12.3 % ; return on average tangible common shareholders ' equity ratio of 17.1 % ³ Book value per common share rose 4 % to $ 29.07 ; tangible book value per common share rose 6 % to $ 20.90³ From Chairman and CEO Brian Moynihan " Our team produced exceptional results this quarter : record or near - record levels of deposits , investment flows , investment banking revenue , digital users and client engagement . Meanwhile , brand loyalty , customer satisfaction and employee engagement reached new highs . " While low interest rates continued to challenge revenue , credit costs improved and we believe that progress in the health crisis and the economy point to an accelerating recovery . " The strength of our balance sheet , our complementary and diverse set of businesses , and our talented teammates position us to perform well in that environment . " See page 10 for endnotes . Q1-21 Business Segment Highlights 1,2 ( C ) Consumer Banking • • • • Net income of $ 2.7 billion Deposits up 25 % to $ 924 billion ; loans down 8 % to $ 291 billion Record Consumer investment assets up $ 112 billion , or 53 % , to $ 324 billion , driven by market valuations and client flows of $ 25 billion since Q1-20 Client Support Actions : - ~ 473,000 Paycheck Protection Program loans to small business owners since inception , including ~ 130,000 in Q1-21 ; ~ $ 21 billion in outstanding balances - 70 % of overall households actively using digital platforms Global Wealth and Investment Management • • • • • Net income of $ 881 million Record client balances of $ 3.5 trillion , up $ 822 billion , or 31 % , driven by higher market valuations and positive client flows ; including Consumer Investments , total client balances of $ 3.9 trillion , up 32 % Deposits up 24 % to $ 326 billion ; loans up 6 % to $ 188 billion Merrill Lynch added ~ 6,400 net new households , up 26 % QoQ Private Bank added ~ 675 net new relationships , up 74 % QoQ Client Support Actions : 183,000 wealth planning reports generated for clients and prospects in Q1 , up 26 % QoQ Private Bank 1,800+ client interactions per day , up 10 % QoQ , including ~ 300 prospect meetings per day Global Banking • • • Net income of $ 2.2 billion Record Firmwide investment banking fees ( excl . self - led ) of $ 2.2 billion , up 62 % Record equity underwriting fees of $ 900 million , up 218 % - Advisory fees of $ 400 million , up 49 % Deposits up 27 % to $ 487 billion ; loans down 15 % to $ 330 billion Client Support Actions : Raised $ 245 billion in capital on behalf of clients Global Markets • Net income of $ 2.1 billion • Sales and trading revenue of $ 5.1 billion , including net debit valuation adjustment ( DVA ) losses of $ 2 million Excluding net DVA , sales and trading revenue of $ 5.1 billion increased 17 % FICC increased 22 % to $ 3.3 billion ( F ) - Equities increased 10 % to $ 1.8 billion ( F ) • Client Support Action : - Supported clients by providing liquidity and a strong and resilient trading platform 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 Tangible book value per common share and Tangible common equity ratio represent non - GAAP financial measures . For more information , see page 17 . 4 Source : Dealogic as of April 1 , 2021. Global Capital Raise includes Equity , Debt , Loans ( MBS , ABS , and self - funded deals are excluded ) . Shown on a proportional share basis . 1