Bank of America Profit Boosted by Trading Gains, Interest Income

Bank of America topped estimates for first-quarter profit as interest income grew and volatile markets helped its stock traders rake in a record haul.

As markets whipsawed around U.S. President Donald Trump's tariff policies, BofA brought in 9% higher trading revenue, mirroring trends seen at rivals.

"Though we potentially face a changing economy in the future, we believe the disciplined investments we have made for high-quality growth, our diverse set of businesses and the team's relentless focus on responsible growth will remain a source of strength," CEO Brian Moynihan said in a statement.

Equities trading jumped 17% to a record $2.2 billion, while fixed income, currencies and commodities jumped 5% to $3.5 billion.

"These results were sustained by an economy growing at a moderate pace and the client concerns over trade policy and recent market turmoil," Chief Financial Officer Alastair Borthwick said on a call with reporters.

"Still, our research team at this point does not believe we will see a recession and our clients continue to show encouraging signs. Employment is obviously healthy and consumers have proven resilient."

Rivals JPMorgan Chase and Goldman Sachs have also reported stronger performance from their trading businesses.