U.S. Bank’s wealth management businesses has posted net income of $59m for the first quarter of 2015, an increase of 13.5% compared with $52m in the year ago quarter.
The division’s total net revenue was $448m, an improvement of 6.9% year-over-year, driven by a $17m increase in total noninterest income.
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The bank’s wealth management and securities services are offered through five separate businesses: Wealth Management, Corporate Trust Services, U.S. Bancorp Asset Management, Institutional Trust & Custody and Fund Services.
Among these five units, U.S. Bancorp Wealth Management contributed $178m, or 40% of the total $448m revenue generated in the current quarter.
Overall, U.S. Bancorp, the parent of U.S. Bank, posted a net income of $1.43bn in the first quarter, versus $1.39bn generated a year earlier.
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