The Global Wealth and Investment Management (GWIM) unit of Bank of America has recorded a net income of $1.19bn for the third quarter of 2022, down 3% compared with $1.23bn a year ago.

For the quarter ended 30 September 2022, the unit’s revenue rose by 2% year-on-year to $5.43bn.

The increase in revenue has been fuelled by additional net interest income (NII) and partly minimised by the effect of reduced market valuations on noninterest income, the bank said.

Noninterest expense grew 2% to $3.8bn in Q3, owing to investments in the division. However, reduced revenue-related incentives have partly offset this growth, noted the bank.

Total client balances decreased 12% to $3.2tn due to lower market valuations and net client flows.

The unit’s AUM balances totalled $1.3tn. It recorded $42bn of AUM flows since the third quarter of last year.

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In addition, Bank of America added over 5,700 net new relationships throughout its Merrill and Private Bank arms.

Overall, the banking group’s net income fell slightly to $7.1bn in the third quarter of this year from $7.7bn a year ago.

The bank noted that it revenue, net of interest expense, climbed 8% to $24.5bn during the quarter.

Bank of America chair and CEO Brian Moynihan said: “We continued to see strong organic client growth across our businesses, with increased client activity helping to drive revenue up by 8%.

“Our US consumer clients remained resilient with strong, although slower growing, spending levels and still maintained elevated deposit amounts.

“Across the bank, we grew loans by 12% over the last year as we delivered the financial resources to support our clients.”