The Global Wealth and Investment Management (GWIM) division of Bank of America (BofA) has reported a net income of $1.07bn for the second quarter of 2019, an increase of 11% from $971m a year ago.
The unit’s total revenue for the quarter ended 30 June 2019 was $4.9bn, up 3% from $4.74bn in the same quarter of 2018.
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Assets under management totalled $1.2 trillion at the end of June 2019, versus $1.13 trillion last year.
Client balances were $2.89 trillion as of 30 June 2019, compared to $2.75 trillion a year ago.
Non-interest expense of $3.46bn at the unit was 1% higher than the previous year.
Bank of America income shines
Overall, the banking group posted a net income of $7.35bn for the second quarter of 2019.
This is a rise of 8% from the previous year’s figure of $6.78bn.
The group’s total revenue also increased, growing 2% year-on-year to $23.08bn.
BofA chairman and CEO Brian Moynihan said: “Our commitment to responsible growth resulted in the best quarter and first-half year of earnings in our company’s history. In the second quarter, we generated $7.3 billion in earnings and delivered $7.9 billion back to shareholders.
“Our return on assets was over 120 basis points and our return on equity was well above the firm’s cost of capital.
“Our view of the economy reflects the activity by the one-in-two American households we serve, which points to a steadily growing economy. We see solid consumer activity across the board, with spending by Bank of America consumers up five percent this quarter over the second quarter of last year.”
