Average deposits grew 3% sequentially reflecting our increased focus on meeting more of our clients’ deposit needs, particularly in our fluid and high net worth businesses. Net income was up 7% driven by higher revenue and lower provision partially offset by higher expenses. Total revenue increased 2% driven primarily by 6% growth in wealth management related fees, which reflects our increased investment in people, tools, technology, to better meet our client needs. These investments were the primary drivers of growth and expenses year-over-year.
The full year results in this business demonstrate good execution of the core strategic initiatives we’ve outlined in the past. Improving wealth management related income, enhancing the growth and returns of our consumer lending portfolio and making critical investments in talent and technology.
Heading into 2015, we want to continue our core revenue momentum, however, expense discipline will also remain important as we continue to balance cost reduction opportunities with selective investments for growth.
Turning to slide 14 and our wholesale business. Wholesale banking remains a key growth engine for the company and we continued that momentum in the business for the fourth quarter.
While net income declined due to an increased provision expense, revenue increased compared to the prior quarter and prior year. Net interest income was up 5% sequentially and 11% compared to the fourth quarter of last year, driven by broad-based loan and deposit growth. Adjusted non-interest income declined 5% sequentially and 10% year-over-year due to lower trading income and structured finance related fees. These trends were partially offset by higher investment banking revenue and particularly good performance given the market volatility in the fourth quarter.
Average loan balances were up 5% when compared to the prior quarter with growth across the entire platform. We had growth in almost all of our CIB verticals in addition to the momentum and core commercial real estate, national corporate banking and our specialty commercial groups in particular auto dealer and not for profit and government. Loan yields remained under pressure, constraining our margin. However, as we’ve said before, our risk adjusted return hurdles incorporate the entire client relationship, which also includes deposits and fee income generation. For the full year, client deposits increased 10% and capital markets related fees were up 9%.
Looking at our full year results. Adjusted net income increased 10%, driven by solid revenue growth on lower provision. Fees were up modestly as lower trading and leasing income combined with the exit of a legacy affordable housing partnership were
more than offset by 13% growth in investment banking income. Our full year investment banking performance reflects broad-based growth with record or near record results across debt and equity capital markets and M&A. The success of our platform reflects our continued investment in talent to both expand and diversify our capabilities.
This year we’ve been able to leverage our one team approach to better deliver our capital market capability to not only our larger corporate client base but also our core commercial banking and commercial real estate clients and that’s a value proposition that’s increasingly well-received. Looking forward, our pipelines remain healthy and I’m confident that the wholesale organization has the momentum to drive further growth in 2015.
Switching to mortgage. Adjusted net income in the mortgage segment increased $38 million on a sequential basis driven by growth in fee income and lower provision. In particular, production related income was up $16 million due to higher volume and gain on sale margins as a result of lower interest rates. Servicing related income was up $9 million due to the recent servicing acquisitions and a seasonal increase in payments.
