BofA Tops Estimates as Wealth Group Boosts Profits 31%: Q3 Earnings

Wealth Results

The bank's Global Wealth and Investment Management unit — which includes Merrill Lynch — had its "second-best quarter in history," it says. Total revenue for the full unit grew 4% year over year to about $4.8 billion, while Merrill Lynch revenue rose 3% to $3.9 billion.

GWIM's pretax margin was 28%, and net income increased 31% from a year ago to $1.01 billion.

Client balances for the full unit were $2.8 trillion as of Sept. 30, a 6% jump from a year ago. Average loan balances grew 5% year over year to $162 billion, thanks to residential mortgages and custom lending.

Merrill Advisor Headcount

The number of Merrill Lynch advisors is 14,838, up 18 from the prior quarter but down 116 from the prior year, which the firm says is "a result of a continued focus on bringing the highest quality candidates into our training program — more so than on volume."

Average annual fees and commissions for veteran advisors are $1.35 million, while for all advisors this figure is $1.04 million.