Report shows BHC income up

Bank holding companies saw their income earned from the sale and servicing of mutual funds and annuities rise in the first quarter of 2007. The “Bank Holding Company Fee Income Report,” compiled by Michael White Associates, shows BHCs reported income of $5.6 billion in the first quarter, up from $4 billion in the fourth quarter of 2006. The report, sponsored by Symetra Financial, also showed that 37 percent of BHCs earned $890.7 million in commissions from the sales of annuities. Companies with more than $10 billion in assets accounted for almost 97 percent of the annuity commissions earned. Those companies also recorded nearly $4.5 billion in mutual fund and annuity income during the quarter. For additional information, visit www.bankinsurance.com.