A summary of banks' financial results for the first quarter of 2025, as they relate to wealth management and private banking.

The results focus on the largest institutions which provide wealth management. Not all banks report on a calendar year schedule, or on the same day, and not all the institutions are alike, so the results from standalone institutions should be viewed differently from wealth management results embedded within a larger group. These results may be subsequently revised. We hope readers find it useful to see these figures collated in one article and can make a few comparisons. (Note that currency conversions made at the time into the dollar for non-US banks have been removed, as exchange rates will have changed.)

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JP Morgan
The bank announced a 23 per cent year-on-year rise in net income at its wealth and asset management arm, reaching $1.583 billion in the first quarter of 2025. Net revenue rose 12 per cent to $5.731 billion; noninterest expenses narrowed 82 per cent to $10 million at its wealth and asset management business. Total assets under management rose 15 per cent reaching $4.1 trillion; total client assets stood at $6 trillion, also rising 15 per cent. 

Goldman Sachs 
Net revenues in asset and wealth management were $3.68 billion for the first quarter of 2025, 3 per cent lower than the first quarter of 2024 and 22 per cent down from the fourth quarter of 2024. The decrease compared with the first quarter of 2024 reflected significantly lower net revenues in equity investments and debt investments, partially offset by higher management and other fees. The increase in private banking and lending net revenues primarily reflected higher net interest income from lending.

Citigroup
The wealth arm, which includes its private banking business, reported first-quarter earnings in 2025 of $284 million, surging by 62 per cent on a year ago, aided by a 24 per cent rise in revenues, while expenses held steady. At the private bank, revenues rose 16 per cent, year-on-year, to $664 million; at the Wealth at Work segment, revenues surged 48 per cent to $268 million, and Citigold revenues rose 24 per cent to $1.164 billion. In total, across the whole business, wealth revenues rose 24 per cent to $2.1 billion in the quarter, and expenses were broadly flat.

The rise in private bank revenues was mostly caused by higher deposit spreads and higher investment fee revenues, partially offset by lower deposit balances. Client investment assets in the wealth segment stood at $595 billion, rising 16 per cent on the same quarter of 2024.

The cost of credit in the wealth division was $98 million, compared with a benefit of ($170) million in the prior-year period, driven by a net ACL (allowances for credit losses) build related to deterioration in the macroeconomic outlook in the current quarter, compared with an ACL release in the prior-year period, and higher net credit losses.

Morgan Stanley 
The bank said its first-quarter 2025 net revenues in its wealth management arm rose to $7.327 billion from $6.88 billion a year earlier. Wealth management transactional revenues dropped to $873 million from $1.033 billion; net interest revenues inched up to $1.902 billion from $1.856 billion; asset management revenues rose to $4.396 billion from $3.829 billion. Total costs rose to $5.332 billion from $5.082 billion.

Total client assets of $7.7 trillion across wealth and investment management were supported by net new assets in wealth management of $94 billion, little changed frm a year earlier. Fee-based client assets in wealth management stood at $2.349 trillion, up from $2.124 trillion.

Bank of America 
The global wealth and investment arm reported broadly flat net income for the first quarter of 2025 versus the same period a year ago. The Q1 2025 net income figure was $1.007 billion. 

Total revenue rose to $6.02 billion from $5.59 billion; noninterest expense expanded to $4.659 billion from $4.264 billion. Total client balances rose to $4.157 trillion, from $3.973 trillion; asset flows slowed a touch to $24 billion in Q1 2025 from $24.7 billion. 

Within Bank of America Private Bank, it had $671 billion in client balances, and $400 billion in assets under management; about 280 net new client relationships, with each having at least $3 million, were added in the first quarter. The Merrill Wealth side of the business, had $3.5 trillion in client balances and $1.5 trillion in AuM balances; a total of about 6,400 net new households were added in the quarter.

BNY 
The market and wealth services business segment logged pre-tax income in the first quarter of 2025 of $816 million, up 20 per cent on the same period a year earlier. The market and wealth services business includes the Pershing business, which provides investment servicing and other services to wealth managers, family offices, and other financial institutions. Total revenue stood at $1.686 billion in Q1 2025, rising 11 per cent on a year earlier, BNY. Assets under custody/administration at the end of March were $14.7 trillion, rising 12 per cent. 

Across the whole of BNY, it had assets under management of $2 trillion, little changed on a year earlier.

Wells Fargo 
Net income in the first quarter of 2025 rose to $4.894 billion from $4.619 billion a year before. There was a decline in total revenue to $20.149 billion from $20.863 billion. 

Within wealth and investment management – a segment that covers private banking – Wells Fargo said total client assets at March 31 reached $2.232 trillion, up 2 per cent on a year earlier; net income at the wealth and investment arm rose 3 per cent year-on-year to $391 million. Noninterest income rose 6 per cent to $3.048 billion; interest income fell 5 per cent to $826 million.

Northern Trust 
The bank reported an 83 per cent year-on-year surge in net income for the first three months of 2025, reaching $392 million. This was achieved on the back of an 18 per cent year-on-year rise in total revenue. However, net income fell from the fourth quarter of 2024. Noninterest costs rose 4 per cent. Assets under management stood at $1.607 trillion at the end of March, rising 7 per cent on a year earlier. Within wealth management, AuM rose 6 per cent, to $446.9 billion. Total assets under custody/administration rose 3 per cent year-on-year to $16.92 trillion.

Royal Bank of Canada
RBC reported net income of C$4.4 billion for the quarter ended April 30, 2025, up 11 per cent from the prior year. Strong earnings growth in personal banking, wealth management and insurance, and higher results in commercial banking, were partly offset by lower results in capital markets. 

Net losses were lower in corporate support, primarily due to the after-tax impact of specified items related to the HSBC Bank Canada (HSBC Canada) transaction last year. The inclusion of HSBC Canada results increased net income by C$258 million. 

Wealth management net income of C$929 million increased 11 per cent from a year ago, mainly due to higher fee-based client assets reflecting market appreciation and net sales, which also drove higher variable compensation. 

UBS
The bank reported underlying pre-tax operating profit of $1.545 billion at its global wealth management arm in the first quarter of 2025, rising from $1.272 billion a year earlier. Underlying total revenues were $6,253 billion in GWM, rising by 6 per cent. Operating costs rose by $13 million to $5.057 billion, mainly driven by an increase in financial advisor compensation because of higher compensable revenues, almost entirely offset by lower technology costs, risk management costs and real estate costs. There was also an offsetting impact from a $49 million decline in integration-related expenses (related to the effect of integrating the acquired Credit Suisse business.)

Julius Baer
The bank reported that it had “continued client momentum” with net new money inflows of SFr4.2 billion in the first four months of this year. Assets under management, which stood at SFr467 billion, were down 6 per cent from the end of 2024. This reflected a stronger Swiss franc exchange rate, and its sale of Julius Baer Brazil. 

Julius Baer said it was on track to achieve SFr110 million in added cost savings, as announced in February.

Vontobel
The firm said total assets under management rose to SFr235.1 billion at the end of March this year from $229.1 billion at the end of 2024. It delivered the rising AuM against a “backdrop of political uncertainty and elevated volatility.” Vontobel’s trading update set out AuM and inflows figures; it did not set out figures for metrics such as earnings. The AuM gain equates to 2.6 per cent growth, driven by the IHAG client book acquisition and market performance (SFr6.0 billion), net inflows (SFr600 million) and foreign exchange effects (-SFr6 million).

Deutsche Bank
Private bank net revenues in the first quarter of 2025, at €2.4 billion, rose 3 per cent year-on-year. Pre-tax profit at the private bank rose 43 per cent to €490 million. Net commissions and fee income grew 5 per cent to €832 million, while net interest income gained 2 per cent to €1.5 billion. Revenues in its personal banking business dipped by 2 per cent on a year earlier to €1.3 billion. Growth in investment products and deposit revenues was more than offset by lower lending revenues. 

Assets under management were €632 billion at the end of the quarter, as net inflows of €6 billion were offset by €8 billion in negative impacts from market developments and foreign currency movements.

ABN AMRO
It reported a first-quarter 2025 net profit of €619 million, rising 56 per cent on the same quarter of a year earlier. A large fall in expenses helped the bottom line because operating income dipped. Operating income fell 4 per cent, to €2.145 billion; total operating expenses fell 19 per cent year-on-year to €1.309 billion.

Société Générale
In private banking, assets under management rose 6 per cent versus a year ago, at €130 billion. Net asset inflows totalled €2 billion, with asset gathering (annualised net new money divided by AuM) standing at 6 per cent. Net banking income came to €361 million for the quarter, a 3.4 per cent increase at constant perimeter and exchange rates, falling 3.9 per cent on a year earlier.

BNP Paribas
Its wealth management arm increased its revenues in the first quarter of 2025 by 10.7 per cent from a year earlier. At €757 million, pre-tax income rose sharply, up 36.1 per cent on a year earlier. Assets under management rose from a mix of net asset inflows – €9.4 billion – notably in Asia and in the commercial and personal banking field. Transaction fees rose sharply in all geographies, and deposits held up, particularly in dollars.

HSBC
The international wealth and premier banking arm reported a pre-tax profit in the first three months of 2026 at $1.188 billion, down a touch from $1.192 billion a year before. 

Revenue rose a touch, to $3.511 billion in the quarter; operating expenses were little changed in this division of the bank. Banking net interest income fell 14 per cent year-on-year to $1.796 billion. Fee and other income, however, rose 24 per cent on a year ago to $1.819 billion; within that figure, wealth income was $1.659 billion, a rise of 18 per cent.

Barclays
Barclays Private Bank and Wealth Management reported pre-tax profit in the first three months of 2025 of £122 million, up 28 per cent from a year earlier. Net interest income rose 17 per cent at this part of the bank to £204 million; net fee, commission and other income rose by 6 per cent. Operating costs widened to £234 million from £214 million. On an attributable basis, profit rose 30 per cent to £96 million. Net new assets under management were £1 billion in Q1 2025, up from £200 million a year before; total invested assets stood at £124.4 billion, from £113.2 billion a year before.

Lloyds Banking Group
The UK bank reported statutory profit after tax of £1.1 billion in the first three months of 2025, down from a year ago, when it was £1.2 billion. Rising net income and reduced volatility were more than offset by higher operating costs and a higher impairment charge.

Standard Chartered
The lender reported pre-tax profit in the first quarter of 2025 of $2.103 billion, rising 10 per cent year-on-year, while profit attributable to shareholders rose 13 per cent to $1.592 billion. Operating income rose 5 per cent on a year earlier, at $5.379 billion; operating costs gained 2 per cent, reaching $3.046 billion. Credit impairments widened 32 per cent to $217 million. The cost/income ratio narrowed to 56.6 per cent from 58.4 per cent. The net interest margin rose. In the wealth solutions segment, Standard Chartered said operating income rose 26 per cent year-on-year in Q1 2025 to $777 million, or up 28 per cent on a constant-currency basis. The growth was driven by double-digit growth in investment products and bancassurance, with broad-based growth across markets and products.

NatWest and Coutts
Coutts, the private banking arm of UK-listed NatWest Group, today reported £77 million in operating profit for the first quarter of 2025, more than double the £33 million result a year ago. The result was driven by a rise in total income to £265 million from £208 million, more than offsetting a slight rise in expenses.

The bank logged flows of assets under management/administration (AuMA) of £800 million in the quarter, down from £1 billion in the preceding quarter to end-December 2024, but up from £200 million a year earlier. 

Total assets under management stood at £36.7 billion at the end of March, up from £33.6 billion at end-March 2024. AuMA stood at a total of £48.5 billion, up from £43.1 billion.

DBS
It logged a record S$3.44 billion first-quarter profit for 2025, rising slightly on a year earlier.

The bank took general allowances of S$205 million to bolster reserves given macroeconomic turmoil. Net profit fell 2 per cent at S$42.90 billion, caused by higher tax costs as a result of the impact of a new global minimum income tax of 15 per cent. Total income rose 6 per cent to S$45.91 billion from balance sheet growth, record fee income and treasury customer sales were driven by wealth management, as well as the strongest markets trading income in 12 quarters.

OCBC 
The group’s wealth management income, comprising income from private banking, premier private client, premier banking, insurance, asset management and stockbroking, was S$1.37 billion, 6 per cent higher than the previous quarter, and contributed 38 per cent to the group’s total income. The bank's wealth management AuM was S$306 billion, up 2 per cent from S$299 billion at the end of 2024.

UOB
It reported S$1.5 billion in net profit for the first quarter of 2025, stable year-on-year, supported by broad-based growth, including record fee income and robust loan growth.

The group’s first quarter performance was supported by its diversified growth drivers across the wholesale banking and retail businesses, the bank said in a statement. Net fee income rose 20 per cent year-on-year to a high of S$694 million, driven by growth in loan-related and wealth management fees. Net interest income increased by 2 per cent from the previous year, led by robust loan growth of 6 per cent. Other non-interest income eased 5 per cent year-on-year from lower trading and investment income, but grew 25 per cent from the previous quarter, due to strong customer treasury income and good performance from trading and liquidity management activities.