That's not what we're seeing, lower single loans growth. Hi, good morning. This is not an area of material direct exposure for Bank of America. Versus Q4, that was a 58% improvement, a little higher than typical seasonality. Today they have an -- at that time, pre-pandemic they had an average balance of 1.4 around $1400. Why this is true? So that's around 3.3% figure that's like $15 billion to $20 billion of loans potential as the economy continues to heal and as clients begin to take utilization back. By creating a free account, you agree to our, This Is the Perfect Gift for Entrepreneurial Kids, House advances giant Texas storm surge project in water bill, Gas prices fall again in NJ, nation as demand remains low, Twitter relaunching subscriber service after debacle, Japanese company's lander rockets toward moon with UAE rover, Facing COVID surge, China expanding hospitals, ICUs, Police arrest man wounded in Oklahoma pot farm slayings. And so it's not that we lean the balance sheet. That remains something that we're focused on total value. I was wondering if you could talk a little bit about expenses and operating leverage. Nothing Micro About Super Micro Computer's Price & Earnings Gains, Solid Earnings and Potential Growth Make Costco a Moderate Buy, Bulk Shippers See Earnings & Revenue Decline Amid Global Slowdown, S&P 500 Component DexCom Set For Further Price, Earnings Growth. Your line is open. contact@marketbeat.com Is Big Lots the Next Bed Bath & Beyond Disaster in the Making? And that's the money people have in motion in a given day. We also grew investment account 7% and we saw those balances grow 10% from Q1 '21 to $350 billion and that included $20 billion of client flows. All the different vagaries of not only regulatory accounting versus GAAP accounting, but also what cap, the comp, and the capital ratio, calculation versus not. So, Brian and Alastair, what do you take the chance of recession is in 2022? We predict it will slow the economy from 3% growth in 2022 to little below 2% in '24 -- '23, excuse me, that is back to track. Got it. And we said in our remarks that we believe the second quarter will be up at least $650 million in NII and I think if you look at the forward curve, yes you would expect to accelerate over the course of the year. So that's how we're thinking about it. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. If you look at Slide 23 and beyond, you can see we are now selling more digitally than we are in person. But at some point, when you think deposit basis would drift higher, we'll obviously be able to give you guidance on that in the future based on what we're actually seeing. And as a reminder, for the financial statement presentation in this release, the business segments are all taxed on a standard fully taxable equivalent basis. On slide 5, we provide data around consumer clients leverage and asset quality as compared to pre-pandemic periods, which further supports our belief that consumer remain in good shape. We saw a strong investment flows. And year-over-year expense declined, reflecting the absence of costs associated with the realignment of a liquidating business activity to the all other unit, as well as some Q1 2021 accelerated cost for incentive changes. Now, those same customers today have an average cleared balance of $12,500. But -- you know, also remember economically, we don't market deposits. We don't see anything different this quarter. Now the same customers today have an average cleared balance of $12,500. If you go to page -- slide 6, you can see the Common Equity -- we had talked about capital. Rates moved against us and earnings fell. That reflects cash flow hedges against our variable rate ones, which provides some NII growth and protected CET1 at the same time. But I think what's unusual this time is how much cash is sitting in the consumers' accounts. . And as we look to Q2, we expect our expenses to be down modestly from Q1 as much of the seasonal payroll tax expense abates and is somewhat offset by investment timing, inflation and the cost of opening up more fully for travel and client entertainment because it feels like we've got a lot of pent-up demand for face to face meetings by our clients and our people. Your line is open. I know you've talked about that and the linkages, and I guess that's the reason why you would expect deposits to be more sticky. All rights reserved. Just given the pace of continued strong loan growth that's anticipated, what level of organic RWA growth should we be underwriting, as we think about the capital algorithm going forward? Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (MLLA), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: "Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Our Q1 expenses were $15.3 billion down a couple of $100 million from the year ago period. In addition to modestly higher marketing costs this year, our investments also include adding up to 100 new financial centers and we also plan to renovate more than 800 more during the year. So a few comments on NII. Hey, thanks, good morning. Got it. Your line is open. Are you planning to grow securities balances? I know quarter over quarter, they are, but as we start to look forward to see how things are progressing. So the better -- a rate environment where we come off the zero floors makes us a lot more money. And that will always be a focus to get the most efficient growth we can. But basically, the broad way to think about it is beginning around May of last year, they grew sort of 1%, not annualized, but 1% per month pretty consistently, 1% to 2%, higher at the lower end balances. And Brian, what -- how are you thinking of buffers relative to your new minimums? Important in the small business area, originations are -- yes, strong and back past pre-pandemic levels of quarterly originations and you're seeing home equity come back up even more due to fall off pre-pandemic we did $3 billion. Perhaps. And as you know, delinquency rates are significantly lower. In-depth profiles and analysis for 20,000 public companies. Should be expect you would bring that down too, because those have come down a little bit, when you look at them quarter-over-quarter and they're also down some year-over-year. But that's always going to be debated and you should be cheering for strong wealth management revenues even if it means a lot less efficiency ratio. core operating cash for commercial customers. I remind you, as the securities mature, the AOCI reverses and higher rates result in higher NII over a relatively short period of time. From our card spend data, we have seen a strong recovery in travel, entertainment and restaurant spending, in the upper right, you can see that. PPNR growth was strong. Finally on slide 19, we show all other, which reported a loss of $364 million declining $620 million from the year ago period. Schedule an appointment. And given that the yield curve is projecting 125 basis points of rate hikes over the next three midterms, we thought it was appropriate to provide that disclosure. A decline in cash this quarter was associated with that growth in global markets. This website uses cookies to ensure you get the best experience on our website.View our privacy policy. And excluding PPP, our total loans grew $89 billion or 10% compared to last year. So, we'll see some growth there. R&D expenses in the third quarter of . Importantly despite March of last year, including a stimulus bonus, we saw the spending in the month of March 2022 on a comparable basis to 2021, 13% higher by dollar volume and we saw a 7.4% increase in the number of transactions, so both dollar volumes and numbers of transactions rose nicely. We look forward to talking to you next time. If you look year-over-year as our liquidity numbers, you'll see our global liquidity sources at $1.1 billion. are we seeing that yet? Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (MLLA), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: "Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Consumer loans continue to grow late quarter as well. And our GDP assumptions, [Inaudible] partner team, they are for the economy, the slowest growth rate from this year to next year. We also experienced modestly higher wage and benefit costs. So it's not going to move away from the balance sheet. I got it right. The question of buffers to that number, yes, you should expect us to operate closer to that 10.75% just because, frankly, the number is getting so big that we've never had an issue -- that will size of capital implied by that buffer to the minimum, regulatory minimum. The only one thing to bear in mind is just as a reminder, on insufficient funds and overdraft. Once that the Fed funds rate eclipse 200 basis points and want to get a sense whether there is a credible case were delivering a better than 60% efficiency ratio the cycle, are there structural factors supporting a higher terminal efficiency in this coming cycle? But I think, that's -- what's unusual this time is how much cash is sitting in the consumer's accounts, if you and I are sitting here, we made -- start normalizing rates in the middle of last decade, late in the middle of last decade, you wouldn't have seen the consumer balances sitting with those multiples, I gave you earlier in their accounts and then having tremendous borrowing capacity left in terms of unused credit lines and same on the commercial side. But yes, we will keep driving it down. These materials are for informational purposes only. *Stock Advisor returns as of April 7, 2022. These ads are based on your specific account relationships with us. We already know what that looks like. It seemed like 30 basis points this quarter, and that probably gets better. In a quarter that had a lot of variables show up, we delivered responsible growth again. So then it's just a question of managing around the 50 billion or so of securities that we have there around swap to floating, and I'd just note that that number has come down a little bit month after month after month. On the upper left, we looked at our customers that have both the credit card and a deposit account with us. It's that balance between capital, earnings, and liquidity. And as a reminder for the financial statement presentation in this release, the business segments are all taxed on a standard fully taxable equivalent basis. We'll continue to hold expenses in check, driving operating leverage. So I think that's one of the reasons you see our AOCI hit is much smaller than many others. And I am happy to answer any questions later, but a couple of things are worth repeating. We're investing in franchise. We modestly increased our full year new tech initiative budget for the year to $3.6 billion and that's on top of more than $35 billion that we put to work over the past 12 years to help us build powerful more secure and scalable technology platforms. And so when you look at that $1.4 billion of growth and now we are telling you, you should expect NII growth from here, successively in each quarter, that's what protects us. But if you could elaborate more. Importantly, while we grow into this range, we'll be able to support our clients, we'll be able to continue to increase our dividend, and we'll be able to continue to buy back stock. And while the investment banking fee line was down from the record quarters of the past year, Matthew Koder and his team produced solid results with a strong forward pipeline, and we gained market share in several areas, including moving to No. Well, I think just the fact that you've got $5.4 billion compared to $6.8 billion, tells you a little bit about successive rate hikes become less valuable, but we're probably a long way from where they stop having value. I just -- that's somebody else's job to do that. So what we'd expect -- as Brian talked about, we are kind of at a rate floor when rates are zero and obviously we will get significant benefit over the course of the next 100 basis points. At the end of the day, as we told you last quarter and a few quarters before that, the organic growth machine in Bank of America is driving hard, growing its market share, growing its deposits, growing its loans, and doing well in the market. But from an accounting or earnings standpoint, maybe you win in the end, maybe you don't. So, let's turn to asset quality on Slide 13. That's the point that goes through the calculation of the capital, while one wouldn't expect this impact every quarter, we're well positioned. ET. And so, that would end up drive -- it's good for our company to drive our earnings. But there's tensions against how easy or hard that's going to be, obviously, pandemic, war, but also this issue that the massive amount of stimulus is still out there being spent. So Betsy if you remember, coming into the pandemic, we had hit the point, we brought expenses down and said we -- now we are an operating leverage company. . We've got seven quarters. And then we tried to give you the broad outlines around $5.4 billion versus forward $6.8 billion versus but it's obviously very meaningful but we're only prepared to look out over the course of the next 90 days, because we feel like we've got pretty good confidence around that. PDF . And with that, let's open it up please for Q&A. All are different vagaries of not only regulatory accounting versus GAAP accounting, but also what kept the comps in the capital ratio calculation versus not and today, you said $1.4 trillion -- it's $2 trillion of deposits -- $1.4 trillion for just on the consume -- for people side of the business, and even on the business side, we only have operational deposits and so, the end of day those very long deposits. You know, our strategy, Mark. Second thing we've done is we've upped our forecast for inflation. Should You Buy the 5 Highest-Paying Dividend Stocks in the S&P 500? Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates . Your line is open. And so -- we grew $200 billion -- $180 billion - $190billion of deposits last year first quarter, this year first quarter. But simply put, I think Alastair said, NII pick up next quarter. It's a strong quarter by the team. And Vivek, if you look at this quarter, we added $8 billion deposits. But that's always going to be the debate. So, if you look at the statistics on Slide 2, you can see some of those highlights. From our card spend data, we have seen a strong recovery in travel, entertainment, and restaurant spending. Eli Lilly and Company ( LLY 1.86%). Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Every single customer group Global Banking, Large Corporate, Middle Market business banking grew, as well as commercial loans and wealth management. And then as a follow-up, on the G-SIB buffer that you guys moved out that will take effect, I think you said, in 2024, the 50 basis point increase. The volatility has obviously been hardest felt in equity capital markets and in high yield. Its owner is solely responsible for the websites content, offerings and level of security, so please refer to the websites posted privacy policy and terms of use. On slide 14, we highlight the credit quality metrics for both our consumer and commercial portfolios and I'm happy to answer any questions later, but a couple of things are worth repeating. We now have managed client balances, including deposits and loan investments of more than $5 trillion with us. We grew revenue, we reduced costs, and we delivered our third straight quarter of operating leverage coming out of the pandemic. All that results in a rebuild of the capital quite quickly. And we've continued to add new financial centers in expansion and growth markets. But the cash flow off of it is fairly significant. And this quarter, a little slower. Prior to the Ukrainian invasion, this exposure were mostly investment grade, we report all of them on our reservable criticized. The simple fact is we had 20 straight quarters of operating leverage and we're starting to see that come through. So our first use will always be for loans and if we keep seeing the same kind of loans growth we are seeing right now, the securities may decline over time and they stay flat, will see, depends on deposits. Your line is open. All earnings call transcripts. If I remember, a peak cycle, both global banking went well below 50, consumer went well below 50. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Bank of Americawasn't one of them! We grew deposits. First priority for us will remain just invest in growth, it will support our clients, what then get after -- the teams get after the loans to help our clients there. And if you look at the consumer efficiency from the first quarter, last year this quarter, you point at efficiency ratio. And in fact, they've done more than 50% in just the past year. 18, 2022 Corporate Participants: Lee McEntire Investor Relations Alastair Borthwick Chief Financial Officer Brian Moynihan Chair of the Board and Chief Executive Officer Analysts: Glenn Schorr Evercore ISI Analyst Jim Mitchell Seaport Global Securities Analyst Bryan Spillane. Very good, gentlemen. Prior to 2010, non-degree granting schools were required to maintain transcripts for five years, and degree granting schools . Revenue declined as a result of higher volume of deals, particularly solar, and therefore, higher partnership losses on ESG investments. And thanks for bearing with me. To access the live webcast . Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. Your line is open. So these are sticky deposits such what we're just trying to make sure you -- everyone understands. Hi, I was a little disappointed about the question related to terminal efficiency. Perhaps. Got it. That's a pretty strong impact to efficiency, especially because it's going through the businesses, even the wealth management business. With that, let me turn it over to Alastair. That should result in higher earnings that will benefit CET1 ratios on an ongoing basis and more than offset the negative upfront AOCI impact. When autocomplete results are available use up and down arrows to review and enter to select. Relationship-based ads and online behavioral advertising help us do that. Good. We predict it will slow the economy from 3% growth in 2022 to a little below 2% in '24 -- '23, excuse me. And the higher G-SIB surcharge, when is that -- is that effective by January 1, 2023, so, therefore, your minimum goes up by 50 basis points? We also returned $4 billion to shareholders in common dividends and share repurchase, will represent about 27 basis points of use. We increased the Stage 1 . Turning now to Q1 gross profit, which was up 26% to $33 million with gross margin at 51.9%, down 10 basis points to last year.. This is the basis point increase. I would think though on kind of underlying core economic basis. That gave up NII from then till now to protect the capital and that's what we did. Moving to deposits on Slide 10. Yes so, liquidity is down in the quarter, that's largely based on funding the global markets business with seasonal. Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. AOCI declined as a result of the spike in loan rates that Brian referenced, and we saw the impact in two waves. We're interest rate managers to a cycle. I just -- that's somebody else's job to do that, but our economists do not have a recession predicted in terms of this year. Our deposits, I know some -- several of you are wanting the deposits continue to grow as rates begin to rise. And we've got plenty, I think, as we continue to grow deposits in the future. Royal Bank of Canada (NYSE:RY) Q4 2022 Earnings Call Transcript. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (BofA Corp.). Provision expense was $30 million in Q1 as reserve release of 362 million closely matched net charge-offs in the quarter. Or is it really just retaining more earnings from your -- for your day-to-day operations? Looking ahead, we continue to feel good about the asset quality results of our consumer and commercial businesses near term given our customer's high liquidity, low unemployment and rising wages. We will accelerate the P&L from that growth with the higher rates as we told you. Your line is open. So Erika, our G-SIFI minimum would increase effective January 1, 2024. In our CashPro mobile app with our commercial clients, we see many $5 billion usage days. We had 512 of them granted in 2021 and we are maintaining a similar pace this year. 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