The Global Wealth and Investment Management (GWIM) arm of Bank of America (BofA) has reported a net income of $968m for the second quarter of 2018, an increase of 20% compared to $804m reported a year ago.
The unit’s total revenue and non-interest expense for the quarter ended 30 June 2018 remained almost stable at $4.71bn and $3.4bn, respectively.
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Assets under management totalled $1.1 trillion at the end of June 2018, compared to $990.71bn in the previous year.
Client balances at the end of June 2018 were $2.7 trillion, versus $2.6 trillion last year.
Overall, the banking group posted a net income of $6.78bn for the second quarter of 2018, a surge of 33% from $5.1bn in the same period last year. The group’s total revenue dipped 1% year-on-year to $22.61bn.
BofA chairman and CEO Brian Moynihan said: “Solid operating leverage and client activity drove earnings higher this quarter. Responsible growth continued to deliver as a driver for every area of the company.
“We grew consumer and commercial loans; we grew deposits; we grew assets within our Merrill Edge business; we generated more net new households in Merrill Lynch; and we supported more institutional client activity — all of this while we continued to invest in our businesses and began an additional $500m technology investment, which we intend to spend over the next several quarters, due to the benefits we received from tax reform.”
