Bank of America has posted a net income of $9.2bn for the second quarter of 2021, compared to $3.5bn in the year ago period.

However, the banking group’s total revenue, net of interest expense, declined to $21.5bn from $22.3bn in the second quarter of 2020.

For the quarter ended 30 June 2021, provision for credit losses increased to $15bn from $13.4bn a year ago.

Wealth management

The Global Wealth and Investment Management (GWIM) division of Bank of America registered a net income of $991m, up from $623m in the year ago period.

The division’s total revenue increased to $5.06bn from $4.4bn in the second quarter of last year.

Total client balances rose by up $725bn, or 25%, to $3.7 trillion, driven by higher market valuations and positive client flows.

The unit registered AUM flows of $12bn in the second quarter of 2021, the bank said in its press statement.

Comments:

Bank of America chairman and CEO Brian Moynihan said: “We delivered solid earnings and returned more capital to shareholders during the quarter as we moved to a more open economy. Our team continued to do a great job serving clients, as shown by the increased levels of client activity across all of our businesses.

“More than 85% of our buildings and offices are open, and we’re welcoming our teammates back. This means more face-to-face meetings; helping to increase sales of Consumer products and drive strong household growth in Wealth Management, and increased prospect calling in Commercial Banking.

“Consumer spending has significantly surpassed pre- pandemic levels, deposit growth is strong, and loan levels have begun to grow.”