Bank of America (BAC) reported a first-quarter rise in profits and revenue driven by robust trading results, becoming that latest big bank to benefit from the market volatility triggered by the start of President Trump’s tariff rollout in February and March.

CEO Brian Moynihan said Moynihan said “our business clients have been performing well; and consumers have shown resilience, continuing to spend and maintaining healthy credit quality.”

But "we potentially face a changing economy in the future" — a nod to the uncertainties ahead as some of Trump's more aggressive tariffs are still in question.

Sales and trading revenue was up 9% from the year-ago period to $5.66 billion, its highest quarterly haul in more than a decade. Its equity trading revenue was up 17% to $2.2 billion, reaching the highest ever for one quarter.

REUTERS / Reuters

JPMorgan Chase (JPM), Goldman Sachs (GS) and Morgan Stanley (MS) also reported jumps in trading as markets roiled during the first quarter.

However, investment banking fees dropped at Bank of America as companies became more cautious about new deals amid the uncertainties surrounding Trump’s trade policies. Those fees fees fell 3% from the year ago period to $1.52 billion.

Other big Wall Street banks also reported pullbacks in their investment banking operations during the first quarter.

The bank’s crucial lending revenue, net interest income, of $14.6 billion, which was within the range of what it had predicted. It also maintained its full year guidance for earning $15.5 billion to $15.7 billion in the final quarter of this year. 

The bank’s total quarterly expenses of $17.8 billion was also $200 million higher than it had previously expected.

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