The Business Times
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Bank of America seeks growth outside home market amid global banking turmoil

But the US banking system is still robust, says Bernard Mensah, international president at the lender

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Tan Nai Lun

Tan Nai Lun

Published Mon, May 15, 2023 · 05:50 AM
    • “Clients recognise the fact that there are only a few institutions like ours that can make the investments to remain committed over the long term, and at a larger scale,” says BOA's Bernard Mensah.
    • “Clients recognise the fact that there are only a few institutions like ours that can make the investments to remain committed over the long term, and at a larger scale,” says BOA's Bernard Mensah. PHOTO: BANK OF AMERICA

    BANK of America (BOA) is one of the three largest banks in the United States, ranking second by assets after JPMorgan Chase (JPM) and ahead of Citigroup. It is also one of the largest banks in the world.

    Yet, its operations outside of North America form a relatively small portion of its overall earnings profile. They brought in a profit of US$2.83 billion in 2022, on a revenue of US$12 billion. In comparison, BOA’s total net income in 2022 was US$27.5 billion and revenue was US$94.95 billion.

    But the bank has clear global ambitions. Its international profit was US$2.58 billion in 2021 and US$748 million in 2020, demonstrating significant growth over a two-year period.

    ToplineBank of America CorpBanks

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