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Brian Moynihan, Bank of America

Bank of America reported Monday better-than-expected results for the first quarter of the year, driven by strong loan growth and lower taxes.

Here’s how the bank fared compared to Wall Street expectations:

—Earnings: 62 cents per share vs. 59 cents expected by Thomson Reuters
—Revenue: $23.1 billion vs. $23.059 billion forecast
—Net interest income: $11.6 billion vs. $11.69 billion forecast by StreetAccount
—Fixed income trading revenue: $2.5 billion vs. 2.92 billion forecast.

Bank of America said loans in its business segments grew by 5 percent to $864 billion on a year-over-year basis.

“Our responsible growth model continues to deliver consistent results,” CEO Brian Moynihan said in a statement. “Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings.”

Bank of America also said revenue for its consumer banking business climbed 9 percent to $864 billion, driven by a 13 percent spike in net interest income in the segment.

Revenue for equities trading rose 38 percent $1.5 billion, helping offset a 13 percent decline in fixed income trading. Equities trading likely got a boost from an uptick in stock-market volatility last quarter as investors fretted over inflationary and political concerns.

Bank of America added that legislation passed last year helped drive its effective tax rate down by 9 percentage points.

The company’s stock rose 1 percent in the premarket. Bank of America shares are up about 1 percent for the year, outperforming rival Citigroup, which is down 4.6 percent in 2018.

Earnings season kicked off last week with J.P. Morgan Chase and Citigroup both reporting better-than-expected quarterly results.

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