The Global Wealth and Investment Management arm of Bank of America has posted a net income of $634m for the fourth quarter of 2016, up 1.7% compared to $623m a year ago.

The unit’s quarterly revenue dipped 2.2% to $4.37bn from $4.48bn in the prior year.

Net interest income was slightly up by 0.2% year-on-year to $1.45bn, while noninterest expense dropped 3.9% to $3.36bn from $3.49bn a year ago.

Overall, the banking group reported net income attributable to common shareholders of $4.33bn for the fourth quarter of 2016, a 46.7% surge from $2.95bn in the corresponding quarter of 2015.

Bank of America CEO Brian Moynihan said: “We had strong results in 2016 because our strategy is working. We are lending more and seeing historically low charge-offs, which is what responsible growth is all about.

“Revenue was up modestly, but EPS grew by 15% as we continued to manage our expenses and create operating leverage. With strong leadership positions in our businesses against a backdrop of rising interest rates, we are well-positioned to continue to grow and deliver for our shareholders in 2017."