Q4 2019 saw the wealth division of Bank of America make $1.035bn in net income, down 4% from the same quarter in 2018.

It was also a drop from the $1.098bn net income in the previous quarter.

In addition, the quarter’s revenue of $4.9bn was a 2% decrease year-on-year for Bank of America.

According to the bank, this is because Q4 2018 included a gain on the sale of a non-core asset.

Furthermore, asset management fees increased 5%, driven by the impact of higher market valuation and positive AuM flows. On the other hand, transactional revenue declined.

Bank of America Q4 2019 highlights

Total client balances rose by 16% to hit $3trn. This was attributed to higher market valuations and positive net flows. AuM flows were $8.1bn in Q4 2019.

Average deposits were $256bn, a rise of 3% while average loans and leases grew 7% to $11bn.

Wealth management house growth continued as net new Private Bank households went up 64% and Merrill Lynch households were up 25%.

Digital also saw rises as household mobile channel usage increased 47% for Merrill Lynch and 38% in the private bank.

Consumer banking saw net income of $3.1bn and loans rose 7% to reach $311bn. Also, deposits increased 5% to $720bn. Bank of America now holds 29 million active mobile users, a rise of 10%.

Chairman and CEO Brian Moynihan said: “In a steadily growing economy marked by solid client activity, our teammates produced another strong quarter and year, allowing us to increase investments in our customers, communities, and employees, while keeping a close eye on expenses. We also delivered for shareholders in 2019 by returning a record $34bn in excess capital through dividends and share repurchases. As evidenced by a quarter in which our customer deposits surpassed $1.4trn and client balances in our wealth management business topped $3trn, we enter 2020 with momentum.”

Chief financial officer Paul Donofrio added: “The company managed well through a period of transition from rising rates to lower rates over a short period of time. Solid client activity in growing loans and gathering deposits helped us offset spread compression. We also are aided by diverse lines of business and operations, with noninterest income comprising nearly half of our revenue.”