U.S. banks generated $1.43 billion in income from selling and servicing annuities and mutual funds in the first quarter, up 2.9% from the total for the first quarter of 2007.
Bank income from annuity commissions and fees rose to $263 million in the first quarter, up 19%, according to Michael White Associates L.L.C., Radnor, Pa.
The advances were made despite a slight drop in the number of banks selling annuities and funds. MWA found 21% of banks selling the products in the first quarter, down from 23% in the first quarter of 2007.
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