The Wealth, Brokerage and Retirement (WBR) division of Wells Fargo has posted a net income of $561m for the first quarter of 2015, up 18% compared to $475m in the year ago quarter.
For the quarter ended 31 March 2015, the division posted revenue of $3.73bn, a rise of 8% from $3.46bn in 31 March 2014. The rise was mainly driven by strong growth in asset-based fees and net interest income.
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Noninterest expense for the first quarter stood at $2.83bn, up 4% as against $2.71bn a year ago, mainly due to brokerage volume-based expenses.
Client assets at the wealth management unit were $226bn, a 4% increase compared to the year ago.
Overall, the US banking giant reported $5.8bn in net income, down from $5.9bn in the first quarter of 2014.
Wells Fargo chairman and CEO John Stumpf said, "Our solid first quarter results again reflected the benefit of our diversified business model and the continued focus of our 266,000 team members on serving the needs of consumer and business customers. We continued to strengthen our customer relationships in the quarter, as reflected in strong growth in deposits and primary checking customers.
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By GlobalData"In addition, our mortgage business was able to serve more customers by refinancing their mortgage loans with lower rates. Capital levels remained strong, and we were pleased to receive a non-objection to our 2015 Capital Plan, which included a proposed increase in our dividend rate to $0.375 per common share in second quarter 2015, subject to Board approval."
