Among the details, Bank of America noted how many WebEx client meetings it has held over the quarter, illustrating the level of digital engagement accelerated by the pandemic.

The global wealth management (GWM) arm of Bank of America today said its net income rose in the second quarter of 2021 to $991 million from $623 million a year earlier, aided by a reversal of credit provisions made a year ago as the pandemic struck. Total revenues rose to $5.065 billion from $4.425 billion.

In Q2 2020, the bank set aside $136 million for credit losses, but this year a negative provision of $62 million was recorded, the bank said in a statement. 

Total client balances at the GWM business stood at $3.65 trillion, up $725 billion, helped by positive client flows and higher markets. Within the private bank, private client balances hit $580 billion, rising 21 per cent on a year ago, and a new record. Assets under management balances were $340 billion, rising 22 per cent. The private bank added about 475 net new relationships in the quarter.

Reflecting how digital engagement has accelerated amid the COVID-19 pandemic, the private banking business conducted about 8,200 client WebEx sessions in Q2, it said. 

The GWM business had a pre-tax margin of 26 per cent.

Throughout the BoA group as a whole, net income surged to $9.2 billion from $3.5 billion. The $6.7 billion fall in credit loss provisions reflected a reserve release of $2.2 billion as the macroeconomic outlook improved. Like its peers, BoA has changed its provisions as the risks posed by the pandemic have eased over the past 12 months.