Bank of America Corp (NYSE:BAC) released its Q1 2018 earnings results before opening bell this morning. Bank of America earnings came in at 62 cents per share on $23.1 billion in revenue, while the Street had been expecting earnings of 59 cent per share on $23.04 billion in revenue. In the year-ago quarter, Bank of America earnings amounted to 45 cents per share on $22.2 billion in revenue.

Bank of America earnings for Q1 2018

The firm reported net interest income of $11.6 billion, compared to $11.06 billion in last year’s first quarter and the consensus of $11.7 billion. Non-interest income grew 3% year over year to $11.5 billion, driven by equities and asset management fees.

Average business loan balances increased 5% to $864 billion, while overall average deposit balances increased 3% to $1.3 trillion, a new record driven by consumer banking. Consumer banking revenue grew 9% to $9 billion as loans increased 8% and deposits grew 6%. Global wealth and investment management revenue increased 6% to $4.9 billion as total client balances grew $140 billion to $2.7 trillion. Global banking revenue amounted to $4.9 billion.

Global markets revenue rose to $4.8 billion from $4.7 billion a year ago and compares to the consensus at $5.05 billion. Sales and trading revenue increased 6% year over year to $4.1 billion. Sales and trading revenue for fixed income, currencies and commodities declined 13%, although equity revenue surged 38% year over year.

Bank of America stock rises on Q1 2018 earnings results

“Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings,” Chief Executive Brian Moynihan said in a statement on the Bank of America earnings release. “… We continue to invest in new capabilities in our mobile banking app, the expansion and renovation of our financial centers, and the hiring of additional client relationship professionals.”

The bank’s book value per share amounted to $23.74, while tangible book value per share was $16.84, compared to $24.34 per share and $17.22 per share, respectively, in the year-ago quarter.

Following the Bank of America earnings release for Q1 2018, the firm’s stock climbed nearly 1% in premarket trading, rising as high as $30.08 per share ahead of the bell.