Bank of America’s Global Wealth and Investment Management (GWIM) division has posted a net income of US$758 million for the second quarter of 2013, an increase of 38% compared to US$548 million reported a year ago.
For the quarter ended 30 June 2013, the division’s revenue rose by 10% from the year-ago quarter to US$4.49 billion.
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The bank attributed the rise in revenue to higher asset management fees related to higher market levels and long-term AuM flows, along with higher transactional revenue and higher net interest income.
Overall assets under management for the division were up to US$2.215 trillion from $2.066 trillion in corresponding quarter of 2012.
The wealth unit, which includes about 15,700 Merrill brokers and 1,000 U.S. Trust Co. private bankers, generated the pre-tax margin of 28% for latest quarter, up from 21% in the second quarter of 2012.
Revenue at the Merrill businesses climbed 10.5% from a year ago to US$3.5 billion, while U.S. Trust posted an 8.3% jump to US$750 million, its highest total in five years.
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By GlobalDataOverall, Bank of America reported a 63% rise in profit, which hit US$4 billion. Revenue across the firm was US$22.7 billion in the second quarter, up from US$22 billion a year ago.
