The Global Wealth and Investment Management (GWIM) arm of Bank of America has recorded a net income of $1.2bn in Q2 2022, a 16% increase from $992m in the second quarter of 2021.

Revenue increased 7% year-on-year to $5.4bn on the back of NII benefit from higher balances and higher interest rates.

Noninterest expense increased 2% to $3.9bn during this period, due to higher employee-related expenses.

Total client balances decreased 8% to $3.4trn, driven by lower market valuations. Net client flows partially offset this decrease, the bank said.

The unit registered AUM flows of $53trn since Q2 2021. The average deposits climbed 9% to $364bn during the period while the average loans and leases grew by 13% to $219bn.

Overall, Bank of America reported a profit of $6.2bn for the three months to 30 June 2022, a nearly 32% drop from $9.2bn a year ago.

Profit applicable to common shareholders plummeted to $5.93bn, or $73 per share, during the period from $8.96bn, or $1.03 per share, a year earlier.

Revenue in the quarter, net of interest expense, surged 6% to $22.7bn.

Bank of America CEO Brian Moynihan said: “Our US consumer clients remained resilient with continued strong deposit balances and spending levels. Loan growth continued across our franchise and our markets teams helped clients navigate significant volatility reflecting economic uncertainty.

“As we enter the second half of the year, we believe we are well-positioned to deliver for our shareholders while continuing to invest in our people, businesses and communities.”