The Global Wealth and Investment Management arm of Bank of America has reported a net income of $740m for the first quarter of 2016, up 13.5% compared to $652m in the year-ago quarter.
The unit’s revenue was $4.44bn, a fall of 1.6% from $4.51bn a year earlier. Total client balances stood at $2.4 trillion, down from $2.5 trillion in the first quarter of 2015.
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During the quarter, the division’s net interest income increased 10.2% to $1.49bn from $1.35bn in the prior year. Noninterest expense dropped 6% to $3.25bn from $3.46bn a year ago.
Total number of wealth advisors increased to 18,111 compared to 17,593 in the same quarter of 2015.
Overall, the banking group posted a net income of $2.68bn, down 13.4% from $3.09bn in the prior year. Revenue fell 6.7% year-on-year to $19.51bn.
Bank of America CEO Brian Moynihan said: This quarter, we benefited from good consumer and commercial banking activity. Our business segments earned $4.5 billion, up 16 percent from the year-ago quarter. This was partially offset by valuation adjustments from lower long-term interest rates and annual compensation expenses.
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