(Bloomberg) — Bank of America Corp (NYSE:) saw loan growth return with consumers and businesses beginning to take on debt again, while the company’s traders missed analysts’ expectations.

The average loan balance increased by 1% in fourth quarter compared to a year ago. After demand for most of 2021 remained low, lending has become a major focus area for investors. That’s normally a bad sign for banks, but executives attributed depressed borrowing demand on companies and individual customers being flush with stimulus cash.

“Our fourth-quarter results were driven by strong organic growth, record levels of digital engagement and an improving economy,” Bank of America Chief Executive Officer Brian Moynihan said in a statement Wednesday. “We grew loans by $51 billion and added $100 billion of deposits during the quarter, further strengthening our position as the leader in retail deposits.”

The banking giant’s results provide a look at how the U.S. economy fared during the last three months of 2021 as the omicron variant emerged. Average loan and lease balances of $945 billion in the fourth quarter were more than analysts’ estimate of $940 billion. This indicates that the economy has recovered despite the Covid-19 pandemic.

Bank of America shares rose 2.3%, to $47.31, at 6:53 AM in New York Trading. Based in Charlotte, North Carolina, the company saw a 41% increase over the last 12 months, compared to a 34% rise for the KBW Bank Index.

Rival JPMorgan Chase & Co. (NYSE:), which reported results last week, said both commercial and consumer loans fell from a year earlier in the fourth quarter. At Wells Fargo (NYSE:) & Co., consumer loans dropped and total commercial borrowing ticked up only slightly.

Bank of America saw its net interest income rise 11%, which is the revenue generated from customer loans less what the bank pays depositors. It was $11.4 billion, compared to $11.1 billion a year ago.

Bank of America’s revenue in sales and trading was $2.9 billion. This is 2% less than a year ago. Analysts estimated that $3.1 billion was needed. Covid-19’s market volatility is beginning to slow down, which means that companies have to deal with rising costs in order to keep employees from leaving. 

Investment-banking fees climbed 26% to $2.4 billion as the company’s dealmakers capitalized on a combination of cheap financing for buyers and attractive valuations for sellers, which spurred a wave of acquisitions. The total amount of advisory fees was $850 million. This is 55% more than a year ago. 

Bank of America released $851million in reserves during the fourth quarter to help offset the growing risk of widespread credit defaults. Following a $1.1billion release the previous three months, this quarter’s Bank of America released $851 million in reserves. Higher compensation drove a 6% increase in noninterest expense to $14.7 billion. According to the company, expenses will remain relatively unchanged in 2022.

Merrill Lynch Wealth Management’s client balances rose by 14% to record $3.2 trillion. Assets under management grew 17% to $1.3 trillion.

Also in Bank of America’s fourth-quarter results:

• The net income increased 28%, to $7.4 Billion or 82 cents per share. According to a Bloomberg survey, adjusted earnings are expected to reach 75 cents per share.
• The company’s total revenue was $22.1 billion, which is a significant increase from the average $22.2 billion estimate.
• Equity-underwriting fees decreased to $545 million while debt-underwriting costs rose to $984million

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