The Global Wealth and Investment Management unit of Bank of America has reported net income of $722m for the second quarter of 2016, an up 7.9% compared to $669m a year ago.
The unit's revenue was $4.45bn, a fall of 2.4% from $4.56bn during the second quarter of 2015.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Net interest income increased 6% to $1.43bn from $1.35bn in the prior year, while noninterest expense dropped 5.6% year-on-year to $3.29bn from $3.48bn.
At the end of the second quarter, wealth advisors headcount increased to 18,159 from 17,734 in the year ago period.
Overall, the banking group posted attributable net income of $3.87bn for the second quarter of 2016, a slump of 19.4% from $4.80bn in the year-ago quarter. Revenue dipped 7% to $20.39bn from $21.95bn in the prior year.
Bank of America CEO Brian Moynihan said: “We had another solid quarter in a challenging environment. Our responsible growth strategy led to improved customer and client activity, and each of our four business segments reported higher earnings than the year-ago quarter.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“We also moved closer to our longer-term performance targets. We continued to invest in core growth areas and to manage expenses, which were down 3 percent year over year to a level not seen since 2008.”
