Bank of America (BofA)’s global wealth and investment management unit has posted a net income of US$777 million for the fourth quarter of 2014, an increase of nearly 35% compared to US$576 million in the year ago period.
The division’s total revenues for the quarter ended 31 December of 2013 rose by nearly 7% to US$4.48 billion from US$4.19 billion in the parallel quarter of 2012.
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Also, pretax margin increased to 26.6% from 21.1% in the year-ago quarter.
Client balances increased 10% to US$2.37 trillion, driven by higher market levels and net inflows, the banking giant said in a statement.
The asset under management (AuM) rose US$123.4 billion, or 18%, from the fourth quarter of 2012 to US$821.4 billion, driven by market appreciation and long-term AUM flows.
The division’s client balances rose 10% from a year ago to US$2.37 trillion, driven largely by higher market levels, long-term AUM flows of $47.8 billion and period-end client loan growth of US$9.5 billion.
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By GlobalDataOverall, the banking group reported net income of US$3.4 billion for the fourth quarter of 2013, compared to US$732 million in the year-ago period.
