Revenue increased 7% from the year-ago quarter to $4.4 billion, driven by higher asset management fees related to higher market levels and long-term AUM flows, higher transactional revenue and higher net interest income.
The unit’s pretax margin for the first quarter of 2013 was 26%, up from 21% in the year-ago quarter.
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The division’s provision for credit losses decreased $24 million from the year-ago quarter to $22 million driven by improvement in the home equity portfolio.
The bank said that client balances rose 6% from the year-ago quarter to $2.25 trillion, reflecting higher market levels and net inflows, driven by client activity in long-term AUM, deposits and loans.
During the quarter. assets under management grew $67.7 billion from the first quarter of 2012 to $745.3 billion, driven by long-term AUM flows and market impact.
The bank’s Global Wealth and Investment Management division included Merrill Lynch Wealth Management, Global Wealth and Retirement Solutions, U.S. Trust, and Bank of America Global Capital Management.
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By GlobalDataOverall, Bank of America Corporation reported net income of $2.6 billion for the first quarter of 2013, compared to $653 million in the year ago quarter. Revenue, net of interest expense, on a fully taxable-equivalent basis rose 5% to $23.7 billion from $22.5 billion a year ago.
