The Global Wealth and Investment Management (GWIM) division of Bank of America (BofA) has reported a net income of $1.1bn for the third quarter (Q3) of 2019, an 8% increase compared to $1.01bn in the same period last year.
For the quarter ended 30 September 2019, the unit’s total revenue, net of interest expense, amounted to $4.9bn. The figure represents a 2% rise from $4.82bn a year ago.
The unit’s non-interest expense in Q3 of 2019 was $3.41bn, a decrease of around 1% from $3.44bn in the corresponding quarter of 2018.
Assets under management totalled $1.21 trillion at the end of September 2019, as against $1.18 trillion a year ago.
Total client balances climbed to $2.91 trillion from $2.84 trillion.
At a group level, the bank’s net income plummeted 19% from $7.16bn to $5.77bn.
The group’s total revenue was $22.81bn in the three-month period ending 30 September 2019, almost stable compared to last year.
Commenting on the results, BofA chairman and CEO Brian Moynihan said: “In a moderately growing economy, we focused on driving those things that are controllable.
“We made continued strong investments in our capabilities to serve customers, more relationship management teammates, more and refurbished branches and offices, and more digital capabilities, all while core expenses are flat.
“Our client activity, the expansion of our client base, and our ability to gain market share across most of our businesses in the quarter, all reflect responsible growth.”