The wealth and investment management arm of Wells Fargo has registered a net income of $602m in the second quarter of 2019.

This is a 35% surge compared to last year when the unit reported an income of $445m.

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The division’s revenue rose 3% to $4.05bn from $3.95bn.

The bank attributed the rise in revenue to higher net gains from equity securities.

As of 30 June 2019, the unit’s client assets totalled $1.9 trillion, a fall of 1% from the previous year.

Client assets of $231bn at the wealth management business were 3% lower than last year.

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Asset under management at Wells Fargo Asset Management totalled $495bn at the end of June 2019, unchanged from a year ago.

Wells Fargo Group performance

Overall, the Wells Fargo banking group reported a net income of $6.21bn for the second quarter of 2019, a 20% jump from $5.2bn a year ago.

The group’s revenue remained stable at $21.6bn.

Wells Fargo CFO John Shrewsberry said: “We grew period-end loans and deposits, as well as pre-tax pre-provision profit, compared with the first quarter and a year ago. Our credit quality remained solid with net charge-offs near historic lows.

“Additionally, our strong capital position was reflected in our 2019 Capital Plan, which includes an increase in our quarterly common stock dividend rate in third quarter 2019 to $0.51 per share from $0.45 per share, subject to board approval, as well as up to $23.1 billion of gross common stock repurchases during the four-quarter period beginning in third quarter 2019. ”