Net income at the wealth, brokerage and retirement division of Wells Fargo, the US-listed bank that bought rival Wachovia last year, said its net income in the three months to 30 June rose by 40 per cent from the previous quarter to $363 million.

Total revenues rose to $2.986 billion from $2.639 billion, while average core deposits rose to $113.5 billion from $102.6 billion, the firm said in a statement.

Client assets increased by 8 per cent to $986 billion from the previous quarter. Managed account assets increased by $22 billion, or 16 per cent, including net inflows of $10 billion.

For the bank as a whole, it logged a record net income figure of $3.17 billion, up 81 per cent from last year. The bank’s Tier 1 capital ratio rose to 9.8 per cent at the end of June from 8.30 per cent.