Net income at Bank of America’s global wealth and investment management business rose by around $5 million year-over-year to $547 million for the first quarter 2012, while net income across the bank tumbled by over a third.

At the wealth business, net income was also up significantly on a consecutive basis from $259 million in the final quarter of last year.

Total revenue at the GWIM unit decreased 3 per cent compared to the prior-year quarter, falling from $4.5 billion to $4.4 billion, as lower transactional activity took its toll.

Provision for credit losses at the division remained steady at $46 million from the same quarter 2012, while non-interest expense dropped 4 per cent from $3.6 billion to $3.5 billion.

Assets under management increased by $28 billion year-over-year to $693 billion driven by long-term AuM flows, the world’s largest wealth manager said in its earnings release.

In recent days, Reuters - citing unnamed sources - reported that Bank of America is putting its non-US wealth businesses up for sale in a deal that could bring in up to $3 billion. The bank declined to comment on the matter.

Across its businesses, net income tumbled at BofA on a year-over-year basis, falling from $2.0 billion for the first quarter 2011 to $653 million this year.

Total revenue at the bank, net of interest expense and on a FTE basis, fell from $27.1 billion for Q1 2011 to $22.5 billion this year. Provision for credit losses dropped from $3.8 billion to $2.4 billion, while non-interest expense dipped from $20.3 billion to $19.1 billion.