The Global Wealth and Investment Management arm of Bank of America has reported net income of $697m for the third quarter of 2016, up 10.2% compared to $632m in the prior-year quarter.
The division’s revenue for the quarter was $4.38bn, a fall of 1.6% from $4.45bn a year ago.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Net interest income stood at $1.39bn, a rise of 2.5% from $1.36bn in the third quarter of 2015. Noninterest expense dropped 6.1% year-on-year to $3.25bn from $3.47bn.
Wealth advisors headcount at the end of the second quarter increased to 18,248 from 17,967 a year earlier.
Overall, the banking group posted attributable net income of $4.45bn for the third quarter of 2016, a rise of 6.6% from $4.18bn in the corresponding quarter of 2015.
Bank of America CEO Brian Moynihan said: "We delivered strong results this quarter by staying true to our strategy of responsible growth and focusing on the quality of the relationships with our customers and clients.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“We grew revenue, reduced expenses and continued to manage risk, resulting in a 17 percent increase in pretax earnings. Our investments in innovation, including industry-leading digital banking capabilities, continue to transform how we serve our customers. This innovation across our businesses is benefiting customers and shareholders."
