Bank of America posted first-quarter earnings and revenue that topped expectations on the back of higher interest rates. Net interest income, what the Bank makes lending money minus what it pays out to customers, surged 25% thanks to rising rates. Meanwhile, noninterest income increased just 1% as higher sales and trading revenue offset lower service charges and declines in asset management and investment banking fees. Bank of America set aside $931 million for credit losses in the first quarter, but net charge-offs remained below pre-Covid pandemic levels.

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