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July 19, 2017

Bank of America wealth unit income jumps 14% in Q2

The Global Wealth and Investment Management (GWIM) unit of Bank of America (BofA) has reported a net income of $804m for the second quarter of 2017, an increase of 14% compared to $705m in the year ago period.

For the quarter ended 30 June 2017, the division’s total revenue was $4.69bn, up 6% compared to $4.42bn in the second quarter of 2016.

Assets under management were $990.71bn at the end of June 2017, compared to $832.39bn a year ago.

The unit’s non-interest expense rose 3% year-on-year to $3.39bn. Client balances increased to $2.61 trillion from $2.41 trillion a year ago.

Overall, the banking group reported a net income of $4.91bn for the second quarter of 2017, a rise of 11% from $4.42bn a year ago. The group’s total revenue rose 7% to $22.83bn from $21.28bn in the second quarter of last year.

BofA CEO Brian Moynihan said: “Against modest economic growth of 2 percent, we had one of the strongest quarters in our history. All of our businesses delivered strong results, with several setting new records. The investments we made to transform how we serve clients produced 500 basis points of operating leverage in the quarter.

“We achieved our 60 percent efficiency ratio target, and we continued to manage credit risk carefully in line with responsible growth.”

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