The Global Wealth and Investment Management (GWIM) division of Bank of America reported net income of $1.01bn for the third quarter of 2018, a 31% jump compared to $770m in the same period last year.

The unit’s total revenue for the quarter ended 30 September 2018 was $4.78bn, up 3% from $4.62bn in the corresponding quarter of 2017. Non-interest expense rose 1% to $3.41bn from $3.37bn in the previous year.

Assets under management totalled $1.14 trillion at the end of September 2018, versus $1.03 trillion a year ago. Client balances totalled $2.84 trillion as at 30 September 2018.

Overall, the banking group reported a net income of $7.16bn for the third quarter of 2018, a surge of 32% from $5.42bn in the previous year. The group’s total revenue increased 4% to $22.77bn on a year-on-year basis.

BofA chairman and CEO Brian Moynihan said: “Responsible growth, backed by a solid U.S. economy and a healthy U.S. consumer, combined to deliver the highest quarterly pre-tax earnings in our company’s history.

“This marks the 15th consecutive quarter of positive operating leverage, driven by continued growth in deposits, client balances in wealth management, solid loan growth, and disciplined expense management. Our strong balance sheet has allowed us to return $19 billion to shareholders so far this year in dividends and share buybacks.”

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