BofA Wealth Unit Posts $20B Quarterly Flows, Client Balances Hit $5.1T
BAC is trading near its 52-week low of $46.115 (12% above the low).
Summary
Bank of America's Global Wealth & Investment Management division reported $20 billion in quarterly AUM flows, lifting total client balances 9% year-over-year to $5.1 trillion. Revenue rose 13% to $7.1 billion, driven by higher asset management fees from market gains and strong flows. The unit added about 5,000 net new relationships with balances above $500,000 across Merrill and Private Bank, while average loans jumped 13% to $279 billion. This follows yesterday's Q3 earnings report, which showed a 17% profit decline due to a $1.2 billion AML penalty but an adjusted EPS beat. The wealth metrics provide a bright spot in an otherwise penalty-hit quarter, underscoring the franchise's growth engine.
At the time of this announcement, BAC was trading at $51.73 on NYSE in the Finance sector, with a market capitalization of approximately $377.3B. The 52-week trading range was $46.12 to $65.23. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.