Asset management fees rose 16 per cent to $4.5 billion, reflecting higher market valuations, AuM flows and higher net interest income. Client balances rose 9 per cent to $5.1 trillion. AuM balances rose 12 per cent on a year before to $2.4 trillion.

A year earlier, the division reported net income of $1.265 billion on revenue of $6.31 billion, with client balances of $4.64 trillion. The latest net income figure, given only to one decimal place, implies a gain of roughly 19 per cent.

Lending continued to grow. Average loans and leases rose $33 billion, or 13 per cent, to $279 billion, the Charlotte, North Carolina-headquartered banking group said in a statement yesterday.

BoA added about 5,000 net new relationships with $500,000 or more across Merrill and the private bank in the quarter. It said 87 per cent of Merrill and private bank clients are digitally active. As in the past, BoA spells out the degree of digital engagement involving its affluent and HNW client base.

At group level, Bank of America reported third-quarter net income of $6.9 billion, or $0.91 per diluted share, against $8.3 billion, or $1.04, a year earlier. The results included a $1.2 billion regulatory settlement charge, which cut earnings per share by $0.17. Excluding the charge, net income was $8.1 billion, or $1.08 per share. Revenue rose 3 per cent to $30 billion. The Common Equity Tier 1 ratio was 10.9 per cent at the end of September, down from 11.2 per cent at the end of June.

Bank of America’s shares are down about 3 per cent this year.