The Global Wealth and Investment Management (GWIM) arm of Bank of America (BofA) has reported a net income of $1.03bn for the first quarter of 2018, a jump of 34% compared to $773m in the previous year.

The division’s total revenue for the quarter ended 31 March 2018 was $4.85bn, up 6% from $4.59bn in the same period last year. The unit’s non-interest expense rose 3% to $3.43bn from $3.33bn a year ago.

Assets under management totalled $1.08 trillion at the end of March 2018, versus $946.778bn a year ago.

Client balances were $2.72 trillion at the end of March 2018, as against $2.58 trillion last year.

Overall, the banking group posted a net income attributable to common shareholders of $6.49bn for the first quarter of 2018, a 34% surge compared to $4.83bn in the previous year. The group’s total revenue increased 4% year-on-year $23.12bn.

BofA CFO Paul Donofrio said: “This was a strong quarter. Revenue was up 4 percent year-over-year and expenses were down 1 percent, making this the 13th consecutive quarter of positive operating leverage. We also carefully managed credit costs. This enabled us to deliver double-digit EPS growth. We also returned $6.1bn in capital to our shareholders through dividends and common stock repurchases.”

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