The Global Wealth and Investment Management segment of Bank of America has reported a net income of $651m for the first quarter of 2014, a decline of 10.7% compared to $729m a year ago.
For the quarter ended 31 March 2015, the division’s revenue was $4.52bn, marginally down from $4.55bn a year ago.
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During the period, the wealth arm’s total client balances increased 5% from the year-ago quarter to more than $2.5 trillion, driven by higher market levels and net inflows.
The unit, which includes Merrill Lynch and U.S. Trust, added 1,027 financial advisors in the last quarter, including 394 in consumer banking.
First-quarter 2015 long-term assets under management (AUM) flows of $14.7bn were the 23rd consecutive quarter of positive flows, the bank said in a statement.
Overall, the Bank of America Corporation reported net income of $3.4bn for the first quarter of 2015, compared to a loss of $276m in the year-ago period.
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