(Bloomberg). The U.S. consumer has been holding steady as interest rates rise and inflation increases, Bank of America Corp (NYSE): Chief Executive Officer Brian Moynihan said. 

“There is a lot of dry powder on the consumer side,” Moynihan said in a Bloomberg TV interview Wednesday with David Westin.

The CEO stated that customers spent 13% more in March from their bank accounts than one year prior, and added that April is already up 18%. He said that spending is increasing for entertainment, food and travel.

His comments come after the Charlotte, North Carolina-based bank reported first-quarter results that beat analysts’ estimates. Record quarters in the equities-trading and an increase on loan balances drove growth. Moynihan said Wednesday that he “feels good” about loan growth at the company.

As customers started to travel and dine out again following the pandemic, the largest U.S. banks witnessed a surge in credit card spending during the first three months.

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