Quarterly figures showed, among other details, that inflows in the assets under management of the wealth management side increased in the third quarter of 2024.

Bank of America’s wealth management arm, including its private bank, logged a little-changed third-quarter net income result of $1.061 billion versus $1.033 billion a year ago. 

Total client balances stood at a record $4.193 trillion at September 30, 2024, up from $3.55 trillion a year earlier, the Charlotte, North Carolina-headquartered financial group said in a statement today. 

AuM figures were propelled in part by flows of $21.3 billion in the quarter, up from $14.2 billion a year ago and $10.8 billion in the three months to the end of June, Bank of America said. 

Total revenue in the wealth business rose to $5.762 billion in Q3 2024, from $5.321 billion a year before; there was a small ($7 million) credit loss provision against a net release of $6 million in Q3 2023.

Within Bank of America Private Bank, client balances hit a record of $667 billion, with AuM balances of $403, and 770 net new relationships. Examining the digitalization of this business, BoA said 92 per cent of its private bank clients were digitally active and 76 per cent of eligible checks were deposited via automated channels. The use of digital wallets increased. 

At the Merrill Wealth Management side, meanwhile, AuM balances were $1.5 trillion, and 4,700 net new households came on board, and client balances hit a $3.5 trillion record.

Group results
Across the whole of BoA, net income dropped to $6.9 billion from $7.8 billion a year earlier, with total revenue up a touch to $25.2 billion, while noninterest costs rose to $16.5 billion from $15.8 billion.  

“Liquidity remained strong and our capital position is well above our new regulatory requirements, which allowed us to return $5.6 billion of capital to shareholders through common stock dividends and share repurchases,” Alastair Borthwick, chief financial  officer, said in a statement.