Wells Fargo’s wealth, brokerage and retirement unit has registered net income of US$450 million for the third quarter of 2013, up by US$112 million, or 33%, compared to US$338 million during the same period over the last year.

For the quarter period ended on 30 September 2013, the company posted a revenue of US$3.3 billion, an increase of US$274 million, or 9%, compared to US$3.0 billion during the year ago quarter.

The company said that the revenue has increased due to the strong growth in asset-based fees and higher net interest income, partly offset by decreased brokerage transaction revenue.

Noninterest expense during the quarter, grew by US$162 million, or 7% to US$2.619 billion, compared to US$2.457 billion during the year ago quarter, while provision for credit losses decreased by US$68 million from the year ago period to US$38 million.

Wells Fargo has also reported the wealth management client assets of US$209 billion, up by 5% from prior year quarter.

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By GlobalData