The consumer and business banking arm of Bank of America has posted a net income of $1.85bn for the third quarter of 2014, a rise of 4% compared with $1.78bn a year ago.

The increase in net income is driven by lower provision for credit losses, the bank said.

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The unit’s total revenue remained relatively stable at $7.5bn compared to the year-ago quarter, as lower net interest income resulting from lower loan balances and yields was partially offset by higher noninterest income due to higher service charges and card income.

For the quarter, the division’s average deposit balances was $545.1bn, up 4% from $522bn in the year-ago quarter driven by growth in liquid products in the current low-rate environment.

The bank said its client brokerage assets rose to $108.5bn, up 21%, from $89.52 billion the year-ago quarter driven by increased account flows and market valuations.

Also, the company issued 1.2 million new credit cards in the third quarter of 2014, an increase of 15% from the one million cards issued in the year-ago quarter.

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Additionally, the number of mobile banking customers at the division rose 15% to 16.1 million compared to the year-ago quarter, while consumers performing deposit transactions through mobile increased to 11% compared to 8% in the year-ago quarter.

The divisions’ provision for credit losses fell to $617m from 761m in the year-ago quarter, driven by continued improvement in credit quality.

The bank has reported a return on average allocated capital of 25% in the third quarter of 2014, compared to 23.7% in the same quarter last year.

During the third quarter of 2014, the bank shrinked its retail footprint by another 76 banking centers to 4,947 locations due to continued growth in mobile banking and other self-service customer touchpoints.