“Corporate Client Services had another quarter of record-high revenue, Wealth Advisory Services benefited from demand for our fiduciary expertise, and we kept a tight rein on expenses,” said Ted Cecala, Wilmington Trust chairman and chief executive officer.

Core deposit balances for 2010 first quarter were about $7.24 billion on average. This was a 23 per cent increase from the year ago first quarter and 7 per cent from 2009 fourth (trailing) quarter.

Corporate client services had revenue of $48.0 million. This was 21 per cent higher than the year ago first quarter and 2 per cent higher than the trailing quarter.

Wealth Advisory Services had 2010 first quarter revenue of $44.1 million. This was 11 per cent lower that year ago first quarter and 7 per cent lower than the trailing quarter.

The year-over-year decrease was due to mutual fund fee waivers. Management began waiving fees on money market mutual funds in the 2009 second quarter, as low market interest rates caused yields to decline.

The trailing-quarter decrease was in planning and other services revenue, which reflected lower revenue from management firm Grant Tani Barash & Altman (GTBA). Revenue from GTBA declined because the company decreased its ownership position in GTBA from 90 per cent to 10 per cent on February 16, 2010.