The Global Wealth and Investment Management (GWIM) unit Bank of America (BofA) has registered a net income of $813m for the third quarter of 2014, up by 13% compared to $720m a year ago.
The division’s total revenues for the quarter ended 30 September 2014 rose by nearly 6% to $4.7bn from $4.39bn in the parallel quarter of 2013.
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The increase in the total revenues was driven by higher noninterest income related to improved market valuation and long-term AUM flows, the banking group said in a statement.
Assets under management rose by 13% to $888bn from $779bn in the third quarter of 2013.
The division’s noninterest expense during the quarter grew by 5% to $3.4bn, compared to $3.2bn during the year ago quarter.
The division’s client balances rose 8% to $2.46 trillion from $2.28 trillion a year ago, driven largely by higher market levels.
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By GlobalDataThis division reported a pre-tax margin of 27.4% in the third quarter of 2014, compared to the record year-ago margin of 25.5%.
