Bank of America (BofA)’s global wealth and investment management sector has reported a net income of US$729 million, up 1% from the first quarter of 2013 due to strong revenue performance and low credit cost.
The division’s revenue increased 3% in 2014 Q1 to a record $4.5 billion year-on year.
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The asset under management (AuM) rose $96.6 billion, or 13%, from the first quarter of 2013 to $841.8 billion, driven by market valuation and long-term AUM flows.
The division’s client balances grew 7% from the year-ago quarter to $2.40 trillion, largely due to higher market levels, long-term AUM flows of $44.8 billion and period-end client loan growth of $9.5 billion.
Overall, the banking group reported net income of $1.7 billion, up $210 million, or 15%, from 2013 Q1.
