The second quarter had its share of stock market and political drama, but in the banking and wealth management side, results at the US banking group appeared to show a far calmer picture.

Bank of America, headquartered in Charlotte, North Carolina, reported that its Global Wealth and Investment Management (GWIM) division – which includes the private bank and Merrill businesses – delivered net income of $993 million for the three months ending June 30, 2025. This figure was slightly down from $1.026 billion a year earlier.

Total revenue in the division rose to $5.937 billion, up from $5.574 billion a year ago. Noninterest expenses increased to $4.593 billion from $4.199 billion, while the provision for credit losses rose to $20 million from $7 million.

Private Bank and Merrill results
Within Bank of America Private Bank, the firm reported $700 billion in client balances, including $423 billion in assets under management (AuM). The bank added a record 435 net new relationships during the quarter with clients each holding $3 million or more in investible assets.

As in prior reports, the bank emphasized its digital engagement efforts: 93 per cent of private bank clients are digitally active, and 76 per cent of core private bank relationships use mobile channels.

In the Merrill Wealth Management business, the firm reported $3.7 trillion in client balances and $1.6 trillion in AuM. Merrill added approximately 6,300 net new households in the second quarter. Of Merrill’s clients, 86 per cent are digitally active, and 64 per cent use mobile platforms.

Combined, the two wealth units added around 7,100 net new client relationships and reported approximately $2.0 trillion in AuM, reflecting a 13 per cent year-over-year increase.

Group-level results
At the group level, Bank of America reported net income of $7.1 billion, up from $6.9 billion a year earlier. Revenue, net of interest expense, was $26.5 billion, a 4 per cent increase year-over-year, supported by growth in net interest income, sales and trading revenue, and asset management fees. These gains were partially offset by a decline in investment banking fees.

The bank’s provision for credit losses rose to $1.6 billion, compared with $1.5 billion in the second quarter of 2024.

Bank of America reported a Common Equity Tier 1 (CET1) capital ratio of 11.5 per cent on a standardized basis – well above regulatory minimums. (The CET1 ratio is a globally recognized measure of a bank’s capital strength.)

The firm returned $7.3 billion to shareholders during the quarter, comprising $2.0 billion in common stock dividends and $5.3 billion in share repurchases.

Shares in Bank of America are up more than 3.9 per cent year-to-date.