Bank of America Corp (NYSE:BAC) today posted its financial report for the three-month period to end-September 2022.

The Global Markets segment registered net income of $1.1 billion in the third quarter of 2022, an increase of $139 million, or 15%, from the equivalent period a year earlier. The result was also higher than in the preceding quarter.

Global Markets revenue for the third quarter of 2022 amounted to $4.5 billion, down 1% from the year-ago quarter, primarily due to lower investment banking fees, partially offset by higher sales and trading revenue.

Across all segments, net income for the third quarter of 2022 was $7.1billion, or $0.81 per diluted share.

Pre-tax income declined 7% to $8.3 billion reflecting a reserve build compared to a reserve release in Q3-21.

Revenue, net of interest expense, increased 8% to $24.5 billion.

Chair and CEO Brian Moynihan commented:

“We continued to see strong organic client growth across our businesses, with increased client activity helping to drive revenue up by 8%. Our U.S. consumer clients remained resilient with strong, although slower growing, spending levels and still maintained elevated deposit amounts.

Across the bank, we grew loans by 12% over the last year as we delivered the financial resources to support our clients. Our team adapted well to our new capital requirements and improved our CET1 ratio by 49 basis points to 11%, above our new regulatory minimums. I am proud of our teammates’ efforts to deliver for our clients and shareholders.”