Wells Fargo said yesterday that its wealth management, brokerage and retirement division logged net income of $270 million in the second three months of 2010, a 5 per cent increase on the previous year.

Total revenues in this segment rose by 2 per cent, year-on-year, to $2.867 billion, the bank said in a statement. Average assets stood at $141.4 billion, compared with $127 billion a year before, a 11 per cent increase.

Non-interest expense was up 2 per cent from the prior year due to growth in broker commissions driven by higher production levels. Average core deposits increased $8 billion, or 7 per cent, from the prior year.

For the bank as a whole, net income rose to $3.06 billion compared with $2.55 billion a year ago.

Wells Fargo’s Tier 1 capital ratio at the end of June stood at 10.4 per cent, up from 9.9 per cent.