Bank of America (BofA)’s global wealth and investment management unit has registered net income of US$719 million for the third quarter of 2013, up by 26%, compared to US$571 million during the same period over the last year.
The company has reported the total revenues of $4.5 billion for the third quarter of 2013, an increase of 8%, compared to $4.08 billion for the same quarter in 2012.
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The increase in the total revenues was driven by higher asset management fees related to long-term AUM flows and higher market levels, as well as higher net interest income.
Noninterest expense during the quarter, grew by 4% to US$3.2 billion, compared to US$3.1 billion during the year ago quarter, while provision for credit losses decreased by US$38 million to US$23 million, compared to US$61 million from the year ago period.
For the quarter, assets under management rose $86.8 billion or 13% to $779.6 billion, from the third quarter of 2012, driven by long-term AUM flows and market impact.
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