Here is an updated list of the full-year results for private banks/wealth management firms from around the world. Figures are subject to possible later revision.

Here is a summary of fourth-quarter/interim results for private banks, and the wealth management arms of large banks around the world. Further results will be added in the coming days. Not all the results are strictly comparable between stand-alone private banks, for example, and those institutions that are contained within a larger group. (This is significant when looking at cost/income ratios, for example.) Data may also be revised or re-stated. Some firms do not disclose their private banking performance on a quarterly basis.

Citigroup
Private bank revenues inched up 1 per cent to $599 million from the prior-year period, driven primarily by growth in managed investments and lending. At the overall group level, Citi logged $2.7 billion in net income for the final quarter of 2013, up from $1.2 billion a year ago, while revenues of $17.8 billion slipped 1 per cent during this period.

Wells Fargo
Net income at its wealth, brokerage and retirement unit surged by 40 per cent year-on-year to $491 million in the final quarter of 2013. Revenue increased by $344 million - or 11 per cent - from a year ago to $3.4 billion, which the New York-listed firm said was driven by strong growth in asset-based fees, higher net interest income and higher gains on deferred compensation plan investments (offset in compensation expense).
Fourth quarter earnings at the wealth, brokerage and retirement division were up 9 per cent from Q3 2013, while revenues of $3.4 billion increased $131 million, or 4 per cent. The latter result was primarily driven by higher asset-based fees, as well as increases in net interest income and brokerage transaction revenue. Wealth management client assets of $218 billion were up 7 per cent from prior year, while average loan balances rose 9 per cent from a year ago.

Morgan Stanley
Morgan Stanley Wealth Management, which last year sold part of its non-US wealth arm, last week reported pre-tax income from continuing operations of $709 million for the final quarter of 2013, up from $668 million in the previous quarter and $562 million a year ago. Net revenues for Q4 2013 were $3.7 billion, compared with $3.3 billion a year ago and $3.5 billion in Q3 2013. The results did not include a non-controlling interest allocation to Citigroup, following the completed acquisition of the wealth management joint venture in June, whereas the prior-year quarter included a non-controlling interest allocation to Citi of $103 million. Meanwhile, Morgan Stanley said asset management fee revenues of $2.0 billion increased 7 per cent from last year’s fourth quarter, primarily reflecting an increase in fee-based assets and positive flows.

JP Morgan
The bank, which has paid out multi-billion settlements to settle wrangles over losses, announced that its net income for the final three months of 2013 was $5.3 billion, down from $5.7 billion a year earlier. Revenue for the quarter was $24.1 billion, a dip of 1 per cent compared with the prior year, the bank said in a statement today. Adjusted for the “significant items” disclosed in its latest results, the bank said earnings per share would have been $1.40 this year compared with $1.35 in the prior year. Net income for full-year 2013 was $17.9 billion, compared with $21.3 billion for the prior year. On the private banking segment, JP Morgan gave relatively few details but said that revenue was $1.6 billion, up 11 per cent compared with the prior year.

Bank of America
It reported that net income for the last three months of 2013 at its Global Wealth and Investment Management division rose 35 per cent from the fourth quarter of 2012 to a record $777 million, reflecting strong revenue performance and low credit costs. Revenue in this division rose by 7 per cent from the year-ago quarter to $4.5 billion, which the firm attributed to higher non-interest income related to long-term assets under management flows and higher market levels. Meanwhile, the provision for credit losses decreased $86 million from the year-ago quarter to $26 million, due to improvement in the home loans portfolio. Non-interest expense of $3.3 billion increased 2 per cent, driven by higher volume-related expenses, partially offset by lower support and other personnel costs. Client balances rose 10 per cent from a year ago to $2.37 trillion, due primarily to higher market levels, long-term AuM flows of $47.8 billion and period-end client loan growth of $9.5 billion.

Assets under management increased $123.4 billion, or 18 per cent, from the fourth quarter of 2012 to $821.4 billion. This, the firm said, was driven by market appreciation and long-term AuM flows. It added that GWIM asset management fees of $1.8 billion as a “post-merger record,” equivalent to a year-on-year growth rate of 15 per cent. At Merrill Lynch Wealth Management, BoA reported record asset management fees of $1.4 billion, full-year revenue of $14.8 billion and client balances of $1.9 trillion.

BNY Mellon
The firm logged what it said was a record $1.58 trillion in assets under management as of 31 December, 2013 - an increase of 14 per cent compared with the prior year and 3 per cent sequentially. The year-on-year increase primarily resulted from net new business and higher equity market values and the sequential hike reflected higher equity market values. Long-term AuM inflows totaled $2 billion and short-term inflows came to $6 billion for the fourth quarter of 2013. It reported assets under custody and/or administration of $27.6 trillion as at end-December 2013, up 5 per cent compared on the prior year and 1 per cent sequentially. The year-over-year increase was primarily driven by higher market values and net new business, while the sequential increase primarily reflects higher market value.

Goldman Sachs
A 6 per cent earnings increase gave the firm over $8 billion in profits for 2013, bringing its net revenues to $34.21 billion. However, performance was hurt by litigation costs and by how its total assets under management fell to $912 billion at the end of December 2013, from $939 billion in 2012. The division's assets under supervision increased 8 per cent from a year ago to a record $1.04 trillion, as inflows in long-term assets under supervision reached the highest level since 2007 ($41 billion). Similarly, investment management generated net revenues of $5.46 billion - up five per cent from the year before as inflows in fixed income and equity assets boosted assets under supervision.

Northern Trust
Total assets under management amounted to $884.5 billion at end-December 2013, up 17 per cent year-on-year from $758.9 billion and up 5 per cent from $846.2 billion in the third quarter of 2013. Trust, investment and other servicing fees in wealth management at Northern Trust totaled $302.7 million at the end of last year’s fourth quarter, increasing $24.4 million, or 9 per cent, from $278.3 million a year earlier.

The increase in fees logged in Q4 2013 were primarily due to higher equity markets and new business, partially offset by higher waived fees in money market mutual funds. Wealth management trust, investment and other servicing fees were up $14.5 million, or 5 per cent, from $288.2 million in the prior quarter. Northern Trust also attributed this increase to higher equity markets and new business.

Royal Bank of Canada
The firm reported net income of C$2.092 billion ($1.88 billion) for the quarter ended January 31, 2014, up C$45 million or 2 per cent from the prior year and relatively flat from last quarter. Wealth Management net income was $235 million, up $6 million or 3 per cent compared to last year. This was mainly due to higher average fee-based client assets resulting from capital appreciation and strong net sales.

BlackRock
The world’s biggest asset manager said total assets under management reached $4.324 trillion; diluted earnings per share rose 22 per cent to $16.87 in 2013. Revenue rose 9 per cent, thanks to growth in markets, long-term net inflows and strong performance fees. There was an operating income of $3.9 billion for the full year of 2013, up 9 per cent from 2012, bringing the operating margin of 37.9 per cent up 20 basis points.

Raymond James Financial
It logged record net revenues and pre-tax income in the first financial quarter, driven by the private client group and asset management segments. The firm logged quarterly net revenues of $1.2 billion, up 7 per cent from the same quarter last year, while net income for the quarter was $116.6 million, up 36 per cent from the prior year's first quarter. Client assets under administration rose 15 per cent from last year's first quarter to $447 billion, while assets under discretionary management grew to $61 billion - an increase of 30 per cent from a year earlier.

UBS
Its wealth management businesses increased combined full-year adjusted profit before tax by 25 per cent to SFr3.3 billion (around $3.7 billion); net new money of SFr53.5 billion, up SFr6.6 billion. Group invested assets across UBS stood at SFr2.390 trillion at the end of the fourth quarter, a rise of SFr51 billion on the prior quarter. Invested assets in wealth management (not including Americas) increased by SFr15 billion to SFr886 billion as of December 31, 2013, supported by positive market performance of SFr12 billion and net new money inflows of SFr6 billion, partly offset by negative currency translation effects of SFr2 billion. Invested assets in the wealth management Americas division increased by SFr34 billion to SFr865 billion as of December 31, 2013, it said. In US dollar terms, invested assets increased by $51 billion to $970 billion. For the whole of 2013, wealth management logged an adjusted profit before tax of up 17 per cent to SFr2.4 billion; net new money rose SFr9.6 billion to SFr35.9 billion due to strong inflows, particularly from Asia Pacific and ultra high net worth clients globally, resulting in net new money growth within target at 4.4 per cent.

Credit Suisse
The private banking and wealth management arm logged total reported pre-tax income of SFr870 million ($962 million) in the fourth quarter of 2013, down from SFr1.018 billion in the previous three months, hit by litigation provisions linked to a US tax matter. For the whole of 2013, this segment of the bank, which boasts Asia among its key markets, reported total pre-tax income of SFr3.686 billion, down slightly from SFr3.775 billion in 2012. Net revenues in Q4, 2013 were SFr3.438 billion, up from SFr3.316 billion in the third quarter of last year. The cost/income ratio of this part of the Zurich-listed bank was 74 per cent at the end of last year, up from 68 per cent three months earlier. In Q4, there were wealth management client inflows of SFr1.7 billion, driven by growth in emerging markets, partly offset by Western European cross-border inflows. Total assets under management at this segment of the bank stood at SFr1.253.4 trillion, up 4.6 per cent from 2012.

The firm, which has been transferring over assets from the non-US arm of a Bank of America Merrill Lynch business bought a year earlier, today said assets under management rose 34 per cent year-on-year to SFr254 billion ($280.5 billion). Net new money was SFr7.6 billion; total client assets, including assets under custody, rose 26 per cent to SFr348 billion. Ierating income rose by 26 per cent to SFr2.195 billion, and the gross margin remained at 96 basis points. Adjusted operating expenses went up by 29 per cent to SFr1.611 billion. The adjusted cost/income ratio was 71 per cent. Adjusted net profit, reflecting the underlying operating performance, went up by 19 per cent to SFr480 million and adjusted earnings per share (EPS) by 12 per cent to SFr2.24 per share.

IFRS net profit declined by 30 per cent to SFr188 million, as the improvement in operating results was more than offset by the impact (as planned) of the Bank of America Merrill Lynch business integration and restructuring expenses, the ongoing amortisation of acquisition-related intangible assets, and a provision in relation to the withholding tax treaty between Switzerland and the UK.

EFG International
The bank logged an IFRS net profit attributable to ordinary shareholders of SFr110.9 million ($125 million) in 2013, up from SFr103.1 million a year earlier. Excluding non-recurring charges (profit on the sale of EFG Financial Products, as well as legal, regulatory and other expenses), the underlying net profit was SFr111.2 million, down from SFr124.5 million a year earlier. Operating income (excluding EFG Financial Products) was SFr666.0 million, down 5 per cent from a year earlier - reflecting lower asset and liability management revenues, increased Tier 2 interest costs, and the absence of structuring transactions relating to large clients.

Deutsche Bank
Net revenues at the asset and wealth management arm of Germany’s largest bank rose to €1.187 billion ($1.607 billion) in the fourth quarter of last year, up from €1.096 billion a year earlier but down from €1.265 billion in the previous three months.
This segment of the bank logged pre-tax income of €199 million, down from €282 million in the previous three months but reversed the loss of €262 million a year before. For the whole of 2013, Deutsche’s asset and wealth management business made total income of €781 million, up sharply from 2012’s figure of €154 million. The asset and wealth management business had a cost/income ration of 82 per cent in the final three months of 2013, up from 78 per cent in the previous quarter but down sharply from 124 per cent a year earlier. Asset outflows in the fourth quarter were €8 billion and were mainly in cash and low margin products, the Frankfurt-listed banking group said.

The private banking arm ne loggedt profit for last year stood at €136 million ($186.5 million), surging by €85 million from a year before, buoyed by lower impairments and higher income. Operating income was €1.183 billion last year, a rise of 6 per cent from a year before. Assets under management increased by €5.2 billion to €168.3 billion, driven by market performance.

Societe Generale
Private banking revenues rose by 19 per cent to €858 million ($1.169 million) last year from a year before, driven by “excellent client-driven revenues in France and Luxembourg as well as a dynamic recovery in Asia”. The private banking arm had total assets under management of €84.5 billion at the end of last year; assets under management benefited from a positive inflow of €1.5 billion last year.

BNP Paribas
The investment solutions arm which contains its wealth management operation, said  assets under management at the end of 2013 fell slightly to €885 billion ($1.206 billion), down 0.5 per cent compared with how it stood at end-2012. There was a positive market effect of +€24.9 billion, driven by stronger equities, last year, but a negative foreign exchange impact of -€12.8 billion as the euro appreciated. There were net asset outflows of €15.8 billion during 2013, particularly in money market funds, but flows were positive in wealth management. At the end of last year, wealth management accounted for €280 billion of assets under management.

Vontobel
It logged record new money of SFr9.1 billion ($10.1 billion) in 2013,  helping to drive up total assets under management to SFr163.1 billion at the end of December last year, up 9 per cent from a year before. The bank reported a net profit of SFr122.3 million, which was in line with 2012; the figure “represents a very respectable result,” the bank said, because profits were hit by significant one-off costs of SFr20.7 stemming from an adjustment to its cross-border business model, a tax agreement with the UK, and measures to take part in the Swiss-US tax co-operation program.

HSBC
The private banking arm logged a pre-tax profit of $193 million in 2013, slumping by 79 per cent a year before as restructuring costs hit the figures, although the financial services giant as a whole saw a pre-tax profit of $22.565 billion, up 9 per cent. In North America, pre-tax profit fell to $67 million from $71 million. In Asia, the private bank’s pre-tax profit fell 15 per cent year-on-year to $284 million; in Latin America, the bank broke even, falling from a pre-tax profit of $17 million in 2012; and in the Middle East and North Africa, the private bank logged a rise in pre-tax profit of 60 per cent to $16 million, while the European private bank reported a loss of $165 million, against a profit the year before of $504 million.

Barclays
The wealth and investment arm logged adjusted income in 2013 of £1.839 billion ($3.01 billion), up one per cent from 2012. Pre-tax profits were hit by the cost of the Transform programme to boost long-term performance. There was a pre-tax loss at this arm of the bank of £19 million last year, against a pre-tax profit of £274 million. The cost/income ratio rose to 95 per cent at the end of last year from 83 per cent at the end of 2012. Barclays has embarked on a wide ranging restructuring programme of its business; it has cut wealth management services to individuals with less than £500,000 in investible assets, rationalised booking centres and staffing levels in certain areas. Total client assets in wealth and investment management stood at £204.8 billion, a rise from £186 billion, driven by growth in the high net worth business and rise in equity markets; the total number of employees (full-time equivalent) was 8,300 at end-2013, unchanged from the end of 2012.

Lloyds Banking Group
The UK-listed bank partly owned by the taxpayer, logged an underlying loss in its wealth, asset finance and international division of £42 million ($69.8 million) in 2013, narrowing dramatically (95 per cent) from a comparable loss of £929 million a year before. Total underlying income at this business segment was £2.679 billion in 2013; in 2012, it was £2.842 billion.

The group has cut its international presence - including the sale, agreed in May last year, of its international private bank to Union Bancaire Privee, the Swiss firm. Its international footprint has been reduced to nine countries, achieving a target of fewer than 10 by the end of 2014. Losses fell dramatically, as above, due to lower impairment costs in non-core areas, particularly in Ireland, and by strong profit growth in core businesses, it said.

Royal Bank of Scotland
The wealth arm – including the Coutts private bank – logged operating profit before impairments of £250 million ($416.5 million) in 2013, down from £289 million a year before. RBS’s wealth management business has a presence in markets including the Asia-Pacific region. In the fourth quarter of last year, the profit was £61 million, down from £92 million from a year earlier. The wealth arm reported an operating profit of £221 million, down from £243 million; its interest margin narrowed to 3.56 per cent at the end of last year, down from 3.73 per cent at end-2012. The wealth business employed 4,800 people at the end of 2013, down from 5,000 at the end of September.

The cost/income ratio of the wealth business was 75 per cent at the end of last year, up from 68 per cent a year before. Return on equity was 10.9 per cent, down from 16.7 per cent. Total assets under management – excluding deposits – were £29.7 billion, down from £30.5 billion at the end of September 2013, but up 3 per cent from a year earlier.

Old Mutual
2013 was one of profitable business growth; it logged strong net client cash flows across the businesses resulting in a 15 per cent profit growth to £1.6 billion ($2.67 billion) on a constant currency basis. Particularly, the group’s wealth division shined, as funds under management were up 19 per cent to £293.8 billion.

The group said its client cash flows amounted to £15.5 billion, equivalent to 6 per cent of the opening FuM and prompting a hike in its final dividend of 6.0p, up 14 per cent, with a total dividend of 8.1p up 16 per cent. Similarly, the group return on equity at 13.6 per cent remained well within Old Mutual’s 12 – 15 per cent target. The results were partly due to a significant performance at Old Mutual Wealth, which saw its profits rise 11 per cent to £217 million. Gross sales for the year were up 24 per cent, with all core businesses contributing to the uplift.

DBS Group
Wealth management net fee and commission income at DBS Group Holdings, the Singapore-headquartered banking group, surged by 37 per cent in 2013 to reach S$412 million ($325.7 million), while the overall banking group’s net profit rose 4 per cent to S$3.5 billion. The consumer banking and wealth management segment logged a pre-tax profit of S$710 million in 2013, and reported total income of S$2.538 billion last year; that is up from S$605 million and S$2.3 billion, respectively. Wealth management income increased 18 per cent to S$924 million.

OCBC
Oversea-Chinese Banking Corporation reported a net profit after tax of S$715 million for the fourth quarter of 2013, 8 per cent higher than S$663 million a year ago. There was a 22 per cent year-on-year increase in net profit after tax from banking operations that included record quarterly earnings from its Malaysian and Indonesian banking subsidiaries which grew 37 per cent and 17 per cent respectively in local currency terms. Its group’s net profit after tax for the financial year ended 31 December 2013 was S$2.77 billion.

ANZ
The Global Wealth Division of Australia and New Zealand Bank said it grew profit in the full-year ended 31 Sept, 2013 by 36 per cent, profit before provisions grew by 20 per cent with income up 5 per cent and expenses dipped by 2 per cent. Global Wealth manages $59 billion in investment and retirement savings in Australia and New Zealand.