Total revenue for the wealth division climbed to $6.871 billion from $5.937 billion, even as noninterest expenses rose to $4.976 billion. Client balances reached $4.934 trillion by the end of June, supported by $13.7 billion in net inflows during the quarter. The bank successfully added approximately 430 new relationships among clients holding $3 million or more in assets.
Bank of America Wealth Division Posts Strong Q2 Growth
Bank of America’s global wealth and investment arm reported a significant surge in second-quarter net income, reaching $1.413 billion compared to $993 million during the same period last year. This performance reflects a broader upward trajectory for the Charlotte-based lender, fueled by rising client balances and total revenue.
Performance metrics remained robust across primary business lines. The private banking sector managed $802 billion in client balances, while Merrill Wealth Management oversaw $4.1 trillion. Digital adoption remains a key strategy for the firm: 94 percent of private bank clients are now digitally active, compared to 87 percent of Merrill households. Across the wider organization, Bank of America reported a 27 percent year-over-year rise in net income to $9.1 billion, with earnings per share reaching $1.21. The bank returned $8 billion to shareholders through dividends and repurchases, maintaining a solid Common Equity Ratio of 11.2 percent.
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