Bank of America reported net income of $6.78 billion, or $0.63 per share, up from $5.11 billion, or $0.44 cents, a year earlier. These results beat the estimate of 14 analysts surveyed by Bloomberg. Meanwhile, revenue topped analysts’ expectations at $22.6 billion, though it declined 1%.
Its Global Wealth & Investment Management unit “delivered its second-best quarter on record,” according to the company, thanks to “strong client balance growth and activity across Merrill Lynch and U.S. Trust.” Net income for the business grew 20% year over year to $968 million.
Revenue, though, was flat at roughly $4.7 billion. Merrill Lynch’s sales were $3.86 billion vs. $3.87 billion a year ago.
Client balances for the full wealth group totaled $2.754 trillion vs $2.617 trillion a year ago. Roughly $2.312 trillion of these assets are associated with Merrill Lynch accounts.