Net income at Bank of America's global wealth and investment management division rose year-on-year, while profit at the BoA group tumbled.

Bank of America has today reported that net income at its global wealth and investment management unit rose 13 per cent year-on-year to $740 million at end-March 2016.

The US-listed bank attributed the rise in net income to “solid expense management,” which it said “more than offset lower revenue to create positive operating leverage.”

GWIM revenue decreased slightly from $4.5 billion at end-March 2015 to $4.4 billion at the end of this year’s first quarter.

Profit was also up on the previous quarter (Q4 2015: $616 million), while revenue was basically flat.

Total GWIM client balances were relatively unchanged, at nearly $2.5 trillion, it said. The pre-tax margin improved from 23 per cent to 26 per cent.

The unit's total number of wealth advisors meanwhile stood at 15,852 - up by 237 or 1.5 per cent - compared to Q1 2015 (and not including consumer FAs).  

Within US Trust - one of eight core business lines and an important growth driver for GWIM and the broader enterprise - revenue of $773.5 million was up 3 per cent compared to first quarter of last year. Client balances of $390 billion were relatively flat both on the previous quarter and year. 

For Charlotte, NC-headquartered BoA as a whole, net income fell 13 per cent year-on-year to $2.7 billion at end-March 2016.

The bank posted earnings per diluted share of $0.21, compared to $0.25 a year ago; analysts polled by Thomson Reuters had expected earnings of $0.20 a share, The Wall Street Journal said.

Revenue dipped to $19.7 billion compared to $20.9 billion a year ago.

BoA noted that its latest financial results include charges tied to market-related adjustments and retirement costs, at $1.2 billion and $0.9 billion respectively.