Bank of America (BoA)’s global wealth and investment management sector has reported a net income of US$724m, down from US$759m in the year ago period.
The company has reported the total revenues of US$4.589bn for the second quarter of this year, an increase from US$4.499bn during the same period over the last year.
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The asset under management (AuM) for the quarter ended 30 June 2014 rose by 18% to $878bn from US$743bn a year earlier.
The division’s client balances increased 11% from the year-ago quarter to a record US$2.47tn, driven by higher market levels and net inflows and its long-term AUM flows of US$49.0bn and period-end client loan growth of US$8.5bn.
The group said that asset management fees were US$1.95bn, up by 15% from the year-ago quarter.
For the quarter, average loan balances at the division were up 8% to US$118.5bn from the year-ago quarter and average deposit balances increased US$4.7bn from the second quarter of 2013 to US$240bn.
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By GlobalDataThis division reported a pre-tax margin of 25.1% in the second quarter of 2014, compared to the record year-ago margin of 27.6%.
Overall, the banking group reported total net income of US$2.3bn or US$0.19 per diluted share for the second quarter of 2014, compared to net income of US$4.0bn, or US0.32 per diluted share, in the year-ago period.
