The Global Wealth and Investment Management (GWIM) division of Bank of America (BofA) has reported a net income of $1.07bn for the second quarter of 2019, an increase of 11% from $971m a year ago.

The unit’s total revenue for the quarter ended 30 June 2019 was $4.9bn, up 3% from $4.74bn in the same quarter of 2018.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Assets under management totalled $1.2 trillion at the end of June 2019, versus $1.13 trillion last year.

Client balances were $2.89 trillion as of 30 June 2019, compared to $2.75 trillion a year ago.

Non-interest expense of $3.46bn at the unit was 1% higher than the previous year.

Bank of America income shines

Overall, the banking group posted a net income of $7.35bn for the second quarter of 2019.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This is a rise of 8% from the previous year’s figure of $6.78bn.

The group’s total revenue also increased, growing 2% year-on-year to $23.08bn.

BofA chairman and CEO Brian Moynihan said: “Our commitment to responsible growth resulted in the best quarter and first-half year of earnings in our company’s history. In the second quarter, we generated $7.3 billion in earnings and delivered $7.9 billion back to shareholders.

“Our return on assets was over 120 basis points and our return on equity was well above the firm’s cost of capital.

“Our view of the economy reflects the activity by the one-in-two American households we serve, which points to a steadily growing economy. We see solid consumer activity across the board, with spending by Bank of America consumers up five percent this quarter over the second quarter of last year.”