The Wealth, Brokerage and Retirement (WBR) division of Wells Fargo has reported a net income of $550m for the third quarter of 2014, an increase of 22% compared to $450m reported a year ago.
Revenue for the quarter rose by 7% to $3.55 6bn from $3.31bn a year ago as strong growth in asset-based fees and higher net interest income was partially offset by lower gains on deferred compensation plan investments.
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Client assets at the wealth management unit rose to $219bn, up 7% from prior year.
The division’s noninterest expense increased by 3% to 2.7bn from 2.62bn a year ago primarily due to increased broker commissions and other expenses, which were partially offset by lower deferred compensation plan expense.
Overall, the US banking giant posted $5.7bn in profit in the quarter, up 3% from $5.6bn a year ago.
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