“As we look ahead to the third quarter, we would expect NII to remain around recent levels, subject to changes in the policy rate.”

In context

“s clients responded to elevated market volatility, and activity persisted with momentum at the end of the quarter. Bank lending balances increased sequentially to $169 billion, predominantly driven by growth in securities-based lending. Steady growth in lending shows our progress in deepening client relationships by offering portfolio solutions, addressing both sides of the clients' balance sheets. Household lending penetration grew across our adviser-led channel, with greater engagement from advisers and clients. Total deposits increased $383 billion. And net interest income of $1.9 billion was flat sequentially. These results reinforce continued stability in sweep balances. Throughout the quarter, clients steadily deployed cash into the market, indicating confidence in the forward look. As we look ahead to the third quarter, we would expect NII to remain around recent levels, subject to changes in the policy rate. Along was $6.5 trillion of client assets, our second quarter performance demonstrates that our strategy is working, benefiting from years of sustained investment and consistent execution. Our scale positions us to continue to innovate and invest in a secularly growing market. Today we have 20 million individual relationships across our 3 channels, and the opportunity to deliver incremental advice and solutions across channels and our platform remains ahead of us. Turning to Investment Management. The business delivered strong results with revenues of $1.6 billion, increasing 12% year-over-year. Total AUM reached a record at $1.7 trillion. Our franchise generated positive long-term net flows of $11 billion, bringing year-to-date inflows to $16 billion. Strong organic growth is the product”