The Global Wealth and Investment Management (GWIM) unit of Bank of America (BofA) posted net income of $1.05bn for the first quarter of 2019.

This is a 14% increase from last year’s figure of $922m.

The division’s total revenue was $4.82bn, down 1% from $4.85bn in the previous year.

The bank said that this was due to lower asset management fees, which was the result of “lower market valuations as well as a decline in transactional revenue”.

Non-interest expense at the unit dipped 4% year-on-year to $3.42bn.

Assets under management totalled $1.12 trillion at the end of March 2019, up from $1.08 trillion a year ago.

Client balances were $2.83 trillion as at 31 March 2019.

Overall, the banking group registered a net income of $7.31bn in the first quarter of 2019.

This marks a 5% rise from $6.92bn last year.

The group’s total revenue was almost stable at $23bn.

BofA chairman and CEO Brian Moynihan said: “Our diverse business mix and commitment to responsible growth drove record quarterly earnings. Economic growth and consumer activity in the U.S. continue to be solid, businesses of every size are borrowing and driving the economy, and asset quality is strong.

“It was a challenging capital markets environment but our team and platform are optimised to serve clients and generate stable revenues across a range of market conditions over time.

“We reduced expenses by four percent from the first quarter of 2018, contributing to the seventeenth consecutive quarter of positive operating leverage.”