The Global Wealth and Investment Management (GWIM) unit of Bank of America (BofA) has reported a net income of $769m for the third quarter of 2017, a 10% increase compared to $698m in the same period last year.
The division’s total revenue for the period ended 30 June 2017 was $4.62bn, up 5% compared to $4.38bn in the corresponding quarter of 2016.
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Assets under management were $1.03 trillion at the end of September 2017, versus $871bn a year ago.
The unit’s non-interest expense increased 3% to $3.37bn from $3.25bn the last year. Client balances increased to $2.67 trillion from $2.49 trillion in the previous year.
Overall, the banking group posted a net income attributable to common shareholders of $5.12bn for the third quarter of 2017, up 15% from $4.45bn in the previous year. The group’s total revenue increased 0.9% year-on-year to $21.84bn.
BofA CEO Brian Moynihan said: “Our focus on responsible growth and improving the way we serve customers and clients produced another quarter of strong results. Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading.
“We delivered positive operating leverage year over year for the 11th consecutive quarter while continuing to invest in improved capabilities. Digital activity with customers continues to shape the way we provide products and services to customers, with the most recent example being Zelle, our new person-to-person payment capability.”
